John Kasich has a new Jindal-Lite plan to raise taxes on Ohioans, and the legislature has 1 week to mull it over.
The conference committee for the Ohio budget has reported out a plan with completely different tax provisions than either chamber.?It dramatically raises sales taxes and property taxes to finance a tax cut for business investors and an income tax cut for the rich, with a number of other brand new changes.
Whose taxes are going up?
| Pays sales tax | Doesn?t pay sales tax |
| Ohioans who buy things | Non-Ohioans |
| People with no investments | Venture capitalists |
| Pays property tax | Doesn?t pay property tax |
| Ohioans | Non-Ohioans |
Whose taxes are going down?
| Pays little income tax | Pays income tax |
| Low income persons | High income persons |
| Retirees | Venture capitalists |
| Doesn?t pay PTE tax | Pays PTE tax |
| Workers | Venture capitalists |
Which all adds up to:
| Hurt by Kasich plan | Benefits from Kasich plan |
| Ohioans who buy things | Non-Ohioans |
| Retirees | Venture capitalists |
| Low income persons | High income persons |
This plan is bad for Ohio?s economy. Raising property taxes will dissuade home buyers, and raising sales taxes will dissuade consumer spending. Home prices and consumer spending are the backbone of our recovery.
The income tax cut is miniscule. For the median Ohio household, it?s a cut of 0.32%. Nobody thinks the business-investor tax cut will benefit the economy in any way.
Here are the rate cuts:
| Income | Rate cut |
| $0 ? $5K | 0.059% |
| $5K ? $10K | 0.117% |
| $10K ? $15K | 0.235% |
| $15K ? $20K | 0.294% |
| $20K ? $40K | 0.352% |
| $40K ? $81K | 0.411% |
| $81K ? $102K | 0.47% |
| $102K ? $204K | 0.545% |
| $204K + | 0.592% |
This is also an example of the jaw-dropping bias Ohio?s papers give to Governor Kasich. The sales tax increase is given as a percent of sales, but the income tax increase is given as a percent of tax rate.
If they reported them the same way, they would call it ?a 5% sales tax increase and a 10% income tax cut? or ?a 0.25% sales tax increase and a 0.32% income tax cut?.
But they don?t, because this plan is just that bad. It?s a tax increase on most Ohioans, including every retired Ohioan. When the GOP calls it a tax cut, the media just gets confused and runs the language from the GOP press release.
Let me be blunt.
John Kasich wants to raise taxes on people who live in Ohio to finance a tax cut for his campaign donors who don?t live in Ohio.
Even Jindal didn?t have the chutzpah to pull this off.
Source: http://www.plunderbund.com/2013/06/21/ohio-gop-to-raise-taxes-on-the-poor-elderly/
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