- Tax cuts for the wealthy
- Paid for by effectively raising taxes on the middle class, elderly and working poor
- Millionaires in Ohio would receive around $87,000 in tax cuts under Romney-Ryan. To help pay for that, the currently untaxed health coverage that 6 million families in Ohio receive from their employers would be taxed. The bill per year, per family would range from $1,000 to $1,900. The mortgage deduction would also take a hit, nailing middle income earners. Taxes on mortgages would increase over $1,000 per family.
- Working families and single parents struggling to balance work and childcare would get hit by Romney Economics. Currently, 158,000 families claim the child care tax credit. Romney’s plan is to reduce that credit by 58%. This would cost each of those families in Ohio $318 more per year for child care through the increase in taxes. Helping lower income workers with child care through this tax credit is an incentive to work.
- 1.6 million lower income working families in Ohio qualify for the Earned Income Tax Credit and the refundable portion of the child tax credit. Both of these credits were improved in the Obama Stimulus in 2009. Romney’s plan calls for rolling back those improvements which would cost these Ohio working families about $876 each per year.