July 7, 2015
An analysis of these tax changes by the Institute on Taxation and Economic Policy, a national group with a sophisticated model of the tax system, shows the top 1 percent on average will see an annual tax cut of $10,236. The middle fifth of taxpayers, who made between $37,000 and $58,000, will see an average […]
July 2, 2015
The budget includes a 6.3 percent reduction in income tax rates, plus an expansion of additional tax relief for business income. Recall that the Statehouse already has reduced rates 21 percent and then another 10 percent. This new plan for tax cuts skews (again) to the wealthy, resulting in an average reduction of $10,236 a […]
June 30, 2015
The nonpartisan Institute on Taxation and Economic Policy estimates that the new budget gives the top 1 percent of Ohio taxpayers — those whose annual incomes exceed $1 million — a tax cut of more than $10,000 a year. They get half the total tax relief. By contrast, the poorest 40 percent of Ohio households, […]
June 29, 2015
Flanked by two men who were not enamored of some of his highest-profile initiatives, Kasich praised Ohio’s new $71.2 billion, two-year budget as “good stuff” on Friday. The latest analysis from the Institute on Taxation and Economic Policy says the tax package will provide an average annual tax cut of $10,236 for the top 1 […]
June 23, 2015
The Senate budget bill approved Thursday, like the House-approved version, would create a tax policy study commission to review the state’s tax structure. But the Senate would require the study commission to make recommendations “on how to transition Ohio’s personal income tax to a flat tax of three and one-half percent or three and three-quarters […]
June 22, 2015
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 […]
June 22, 2015
The three budget plans are competing to see which can offer the biggest, most unnecessary, and most unfair tax cut. The $71.3 billion budget bill approved this week by the Senate includes $1.7 billion in net income tax reductions for individuals and small businesses — more than the House budget provides, but less than Governor […]
June 15, 2015
The report by the Institute on Taxation and Economic Policy on behalf of liberal research group Policy Matters Ohio estimates that the lowest 40 percent of Ohio income earners would see an average tax increase of about $20, although that number would fluctuate depending on whether someone smokes. Read more
June 9, 2015
“If you ask its advocates why it’s a good idea, one of the first things they’ll say is it’s a simpler way to tax,” said Matt Gardner, executive director of the Institute on Taxation and Economic Policy, a left-leaning nonprofit organization in Washington. “I think that’s largely an illusion. “Any move to a flat tax […]
June 9, 2015
Some states, however, have decided not to wait for the federal government to make the change. So far, 10 states have taken their own limited steps to expand the number of retailers that must collect sales taxes, according to the Institute on Taxation and Economic Policy. New York was first, enacting legislation in 2008 requiring […]
June 9, 2015
“If you ask its advocates why it’s a good idea, one of the first things they’ll say is it’s a simpler way to tax,” said Matt Gardner, executive director of the Institute on Taxation and Economic Policy, a left-leaning non-profit organization in Washington. “I think that’s largely an illusion.” “Any move to a flat tax […]
April 29, 2015
Gov. Kasich’s Mid-Biennium Review proposal to expand the credit from 5 percent to 15 percent is a step in the right direction, but more must be done to ensure the credit benefits Ohio’s poorest working families. Read the full report
April 29, 2015
After the General Assembly raised the top income-tax rate to 7.5 percent in 1992 the state generated more than 100,000 jobs in each of the following three years. Compare that with the 25,600 jobs Ohio gained during 2013, the 40,300 in 2012, and the 77,600 in 2011. Tax levels are not the main thing driving […]
April 10, 2015
Ohio has the 18th most unfair tax system in the nation, according to the Institute on Taxation and Economic Policy. The federal EITC was, in part, designed to eliminate some of the disproportionate impact of payroll taxes on low- and middle-income working families. Likewise, the state credit should address the disproportionate impact of sales and […]
March 12, 2015
“An analysis by the Institute on Taxation and Economic Policy, a nonprofit research group in Washington, D.C., found the bottom three-fifths of Ohioans would pay more as a group under the governor’s plan, which includes a sales-tax rate increase. Most of the increases like the sales-tax hike would fall more heavily on those with low […]
February 18, 2015
An evaluation of the proposal by the Washington-based Institute on Taxation and Economic Policy, requested by Policy Matters, suggests the top 1 percent of Ohio earners, those making $388,000 or more, will see an average tax cut of $11,906. Those earning less than $58,000 a year would see a net hike of $116 on average, […]
February 12, 2015
The Institute on Taxation and Economic Policy performed an analysis of the governor’s tax plan for Policy Matters Ohio. Released on Tuesday, the evaluation reveals how the overall impact would shift the tax system further in favor of wealthier Ohioans, or the top 5 percent. The top 1 percent would enjoy relief of an average […]
February 11, 2015
Some of that gap is attributed to the governor’s plan to impose a $1-a-pack increase on the state cigarette tax. But even removing that from the table, taxpayers in the bottom 40 percent – $37,000 a year or less — still would see no tax benefits as a whole from Kasich’s proposal, according to an […]
February 10, 2015
The Kasich administration proposal to cut income taxes and expand sales and other taxes would produce big tax cuts for Ohio’s most affluent residents, while increasing taxes on lower- and moderate-income families. The proposal would provide an $11,906 annual tax cut on average to taxpayers in the top 1 percent of the income spectrum, who […]
January 21, 2015
Low- and middle-income Ohioans pay a much greater share of their income in state and local taxes than the state’s most affluent do, according to a study released today. The top 1 percent of non-elderly Ohio families by income, who earned at least $356,000 in 2012, on average pay 7 percent of their income in […]
January 16, 2015
“A national report by the Institute on Taxation and Economic Policy ranks Ohio 18th in the country for most imbalanced tax systems. In a “regressive” tax system, low- and middle-income people pay a larger balance of their incomes in state and local taxes than high earners. The study finds very few states with “progressive” tax […]
January 16, 2015
“The situation here is worse than in most states, according to the analysis of 2012 income data by the Institute on Taxation and Economic Policy, which ranked states based on how state and local taxes affect low- and middle-income families compared with the richest 1 percent. The study, which covered tax changes in the states […]
January 15, 2015
“According to a national report, the fifth edition of “Who Pays? A Distributional Analysis of the Tax Systems in All 50 States,” was produced by the Institute on Taxation and Economic Policy (ITEP) and released in Ohio by Policy Matters Ohio. The study’s main finding is that virtually every state and local tax system takes […]
January 15, 2015
“In Ohio and across the country, lower-income citizens pay a higher percentage of their income in state taxes than the wealthier do, a new study released yesterday found. The situation here is worse than in most states, according to the analysis of 2012 income data by the Institute on Taxation and Economic Policy, which ranked […]
November 24, 2014
State tax changes approved over the past two years have further tilted Ohio’s tax system in favor of the wealthiest. Read the full report