July 24, 2014

Report: Kasich Tax Proposals Will Overwhelmingly Favor Wealthy Ohioans

Policy Matters Ohio

Policy Matters Ohio

Today Policy Matters Ohio released a report showing that the net effect of Governor Kasich’s tax reforms in his proposed budget would overwhelmingly favor the wealthiest Ohioans.

The analysis shows that Ohioans in the top 1 percent of incomes would receive an annual tax cut of $10,369, while families in the bottom fifth — making less than $18,000 a year — would pay $63 more a year. Ohioans in the middle — making between $33,000 and $51,000 — would see an increase of about $8 a year.

On Monday, Governor Kasich was emphatic that this budget includes tax cuts for every Ohioan. Unfortunately, the analysis shows the only Ohioans guaranteed to see any sort of tax break are those in the highest income brackets. The rest of us will pay more.

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Trackbacks

  1. [...] We highlighted a new Policy Matters Ohio report that showed that the tax proposals in the Governor’s budget will overwhelmingly favor wealthy Ohioans. The analysis showed that Ohioans in the top 1 percent of incomes would receive an annual tax cut of $10,369 while those in the bottom fifth would see a net tax increase of $63 [...]

  2. [...] What policies do create jobs and stimulates economic growth, according to the report? Effective, quality government services, especially education and infrastructure, to economic growth. If lawmakers really wants to grow Ohio’s economy, they should stop starving schools and local governments of the resources they need to effective in order to provide another income tax cut that will primarily benefit the wealthy. [...]

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