Policy Matters Ohio: Tax Cuts Help Create Ohio’s Revenue Crunch
ITEP Work in ActionIn 2015, the General Assembly approved a two-year budget lasting through this June that cuts taxes by nearly $1.9 billion. When legislators approved those cuts, Policy Matters Ohio asked a respected national policy group with a model of Ohio’s tax system to review them. The Institute on Taxation and Economic Policy found that the top 1 percent on average would see an annual tax cut of more than $10,000. For the middle fifth of Ohioans, the savings averages $20. And for the lowest-earning 20 percent, who made less than $20,000 in 2014, it amounted to an average tax increase of $20. Most Ohioans, in short, are getting little or nothing from these tax cuts.