Tax Cut Means More Money For You
By Rep. Robert Sprague (R-Findlay)
 
 

Our tax code has an effect on a lot of what businesses and individuals do in Ohio. I have been fortunate to talk with many people throughout our area of the state, including small business owners, and many of them have expressed concern over a strenuous tax code that takes away the money they would rather spend themselves.


With Ohio being in better financial shape thanks to many of the hard decisions that were made during the 2011 budgeting processes, we were able to take an in-depth look at Ohio’s tax structure before passing the state operating budget earlier this year. As a result, we have enacted a comprehensive tax reform package, and an income tax cut for Ohioans just kicked in!


On September 1st, lower tax withholding rates went into effect, which means more take-home pay for you. The sooner employers apply the new rates, the sooner employees will see the benefit of it in their pockets. The new tax adjustments were passed as part of the state budget bill.


The budget reduces income tax rates by 8.5 percent in 2013 and by an additional half-percent in 2014. With another reduction of one percent in 2015, Ohioans are seeing a total income tax cut of 10 percent over three years.


The other main portions of the tax reform package included in the budget are a sales tax increase of one-quarter percent and a 50-percent small business tax cut. Through these reforms, we are not only aiding economic development while shifting toward a system based on consumption, but we are providing tax relief of $2.7 billion over the next three years. That’s good news for Ohioans.


By having a thoughtful and wide-ranging tax structure in place, Ohio is better able to compete with other states. This gives us an economic advantage because businesses will want to relocate and expand in Ohio, rather than elsewhere. With more business in our state, more jobs become available and our economy is healthier overall. The effects of a healthy economy spill over into many aspects of society, improving our communities.


I’m pleased that Ohioans are now able to keep more of their money and decide how it is best spent. As the Ohio House of Representatives considers more legislation dealing with taxes in the future, ensuring that any changes will get our economy moving will be at the top of my priority list. The recently enacted tax reforms are another step in the right direction, but more can be done for the benefit of Ohio.

 
 
 
  
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