In plain language, the rich get richer and the poor (and middle class) get poorer. In fact, only the most affluent 5% of Ohioans (those making more than $208,000 a year) wind up with a net tax cut.
The data comes from an analysis by the Institute on Taxation and Economic Policy, a Washington, D.C., nonprofit group that models tax systems.
Here’s the breakdown by income group outlined by Schiller:
The poorest fifth of Ohio taxpayers, with income below $24,000 a year, will pay an average increase of $2, or 0.02% of income. Middle-income tax filers who make between $42,000 and $63,000 a year will average a $93-a-year increase, or 0.18% of income. Those in the top 1%, making $496,000 or more, will get an average cut of $746, or 0.06% of income. Read more