September 25, 2015

The Highland County Press: Report: Tax policy benefits flow heavily to wealthiest Ohioans

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“The top 1 percent of Ohioans on average will see a $17,618 annual reduction in state taxes as a result of major tax changes made during the Kasich administration, while the bottom fifth will pay $17 more, according to a new report by Policy Matters Ohio. 
The windfall for the wealthy results from cuts in state income taxes, the major tax that is based on the ability to pay, while increases in other taxes such as the sales tax fall more heavily on lower- and middle-income Ohioans. 
Those are the key findings of an analysis by the Institute on Taxation and Economic Policy (ITEP), a nonprofit national research group with a sophisticated model of state and local tax systems across the country. 
ITEP did the analysis for Policy Matters, taking into account Kasich-era tax changes that have already taken effect and some that have not yet taken full effect. ITEP found that middle-income Ohioans will see tax cuts averaging $94 a year.”

“The top 1 percent of Ohioans on average will see a $17,618 annual reduction in state taxes as a result of major tax changes made during the Kasich administration, while the bottom fifth will pay $17 more, according to a new report by Policy Matters Ohio. 

The windfall for the wealthy results from cuts in state income taxes, the major tax that is based on the ability to pay, while increases in other taxes such as the sales tax fall more heavily on lower- and middle-income Ohioans. 

Those are the key findings of an analysis by the Institute on Taxation and Economic Policy (ITEP), a nonprofit national research group with a sophisticated model of state and local tax systems across the country. 

ITEP did the analysis for Policy Matters, taking into account Kasich-era tax changes that have already taken effect and some that have not yet taken full effect. ITEP found that middle-income Ohioans will see tax cuts averaging $94 a year.”

 

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