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 $11,906 per year. The remainder of the top 5 would benefit by $890 annually. And those in the lowest three-fifths, with yearly incomes below $58,000, would see their overall tax bills increase, from $64 to $122 a year on average. Recall that earlier rounds of such tax reductions have skewed the same. The new tax relief for the top 1 percent would be added to the average $20,000 a year they already have received.