Tax Changes To Benefit Your Family
By Rep. Rick Perales (R-Beavercreek)
September 11, 2013
 
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Members of the Ohio House of Representatives recently began to hold hearings throughout the state in order to gain more perspective on Ohio’s tax structure and how it affects Ohioans. Although the subject of taxes can seem kind of dry on the surface, we all have come to realize the effect that it has on our billfolds.


The purpose of the Tax Reform Study Committee is not only to closely examine what policies have already been put in place, but to see what direction we should go in the future. The committee has already heard from many people and organizations, and I’m confident that much of the public testimony will lead to future legislation that benefits Ohioans.


With the role our tax structure could have on the economy, it is very important that we continue to look at it on a regular basis. Before passing the state operating budget in June, I and other members of the Ohio House spent a great deal of time looking at what we can do to keep Ohio competitive with other states and find ways to create more jobs.


In the end, we passed a budget bill that included a comprehensive tax reform package. It shifts Ohio away from a tax code that is overly reliant on income taxes toward one that is based on consumption. Because of this, Ohioans are now benefitting from an income tax cut.


On September 1st the new withholding rates went into effect, meaning that Ohioans will have more take-home pay. The budget reduces the income tax by 8.5 percent in 2013, and then by an additional half percent in 2014. With another one percent reduction in 2015, Ohioans are receiving a 10 percent cut over three years. Although Ohio’s sales tax increased by one-quarter percent, the income tax cut is putting more money into the pockets of our residents so that they can decide how it is best spent.


The tax reform package also cuts small business taxes by 50 percent, recognizing the importance that small businesses play in Ohio’s job creation efforts. In fact, the great majority of jobs created in Ohio are from small businesses, so it’s essential that we are not doing anything to hinder their efforts.


Through the tax adjustments recently enacted, our state is taking another step to bolster economic development and get more Ohio workers back on the job. This has been my goal since taking office in January, and it will continue to be a priority of mine as we continue additional tax-related legislation well into the future.

 
 
 
  
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