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7 Billion Ohio Tax Loopholes

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Published on Nov 30, 2012

Legislators and think-tank types agree that it's time to examine Ohio's $7 billion plus in annual tax expenditures, aka tax loopholes. Both parties have contributed to the increasing number of
Incentives; favors that benefit a wide variety of what's commonly thought of as special interests. To be fair, many of such tax loopholes have served their intended purpose -- in a way that most agree, was to benefit Ohioans overall. One problem concerning such policies is that there has been no way to evaluate the impact of individual tax policies. Another problem is that such policies often remain in the Ohio tax law long after the intended effect. Are all state taxes open for discussion? Some believe that the state legislators should also consider adjusting the sales tax, underscoring the concern
that it may unfairly impact lower income families because that rate remains constant regardless of one's income. The income tax is the fairest of Ohio's taxes because of its lower rates for middle-income working families and the poor. If a family's income falls significantly, they end up in a lower tax bracket -- in contrast to the sales tax, which they have to pay regardless of their circumstances. Voters should be wary of panaceas suggesting that lowering taxes can kick start the economy. Relative to other states, Ohio's state taxes are not high; local taxes, on the other hand, are among the highest in the country.
Additionally, the proportion of state and local taxes paid by businesses has plummeted over the last 40 years, putting pressure on individuals and families to make up the difference. Those lower business taxes have done nothing to stop the long-run decline in the state's economy. Please join tax expert William Raabe, and public policy experts Jon Honeck and Greg Lawson as we examine and digest $7 billion in Ohio tax loopholes.

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