Income Tax Reduction Offers New Savings For Ohioans
By Rep. Christina Hagan (R-Alliance)
September 13, 2013
 
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New tax changes in Ohio have set the stage for improved job success, a jumpstart in the economy and the ability for Ohio families to start saving more for their future.


Effective September 1st, workers in the state received a reduction in their income tax. This means a higher paycheck and a consequent break for Ohioans in a time when education is expensive, food prices are rising and going to the gas pump can be a hassle.


I voted for the most recent state budget bill, which contained this tax change, and I’m truly looking forward to the positive impact it will have on constituents in my district. Income tax rates will be reduced by 8.5 percent this year and then decreased by half a percent in 2014, with a full one percent decrease in 2015. After seeing a 10 percent tax cut by year 2015, Ohioans will experience a tax relief of $2.7 billion over the next three years.


Small businesses have long been at the cornerstone of Ohio’s infrastructure and the budget took huge steps to allow these businesses to hire more skilled workers and purchase the materials they need to grow. The tax package includes a 50 percent decrease in small business taxes. Think of the success these industries can have with that sort of savings.


An additional change in the budget is an increased sales tax by one-quarter percent. This small modification gives control back to the consumer. Ohioans can decide for themselves where they want to spend their money and in turn spur the economy onward and upward. I am also a supporter of the sales tax adjustment because it moves our state away from the current tax system to one that makes sense. That is, a consumption-based tax structure.


Tax reform is pivotal in the continual journey of success this state has taken over the last few years. Since January 2011, Ohioans have created more than 170,000 jobs in the private sector and we are becoming more and more competitive everyday. It’s also increasingly encouraging to see our unemployment number decrease from nine percent to seven percent.


To learn about the effect of the tax change, I encourage employers and employees to view how-to instructions on the Ohio Department of Taxation’s website at www.tax.ohio.gov.

 
 
 
  
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