June 22, 2015

Newark Advocate: Tight Budget Deadline Leaves No Time for GOP Feuds

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But Senate Republicans did add an extra income tax cut for about 1 million business owners. They wouldn’t have to pay income taxes on their first $250,000 in profits and would pay a 3-percent tax on income above that. Senators also added a 40-cent increase on a pack of cigarettes and increased taxes on other tobacco products to 22.5 percent.

Those changes meant Ohio’s top income earners would save about $10,000 under the Senate plan compared to $3,500 in the House version. Those making less than $20,000 a year would pay about $26 under the Senate plan and save about $2 under the House plan, according to an Institute on Taxation and Economic Policy study for progressive think tank Policy Matters Ohio.

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