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News: Dem Introduces Severance Tax Bill, Says State Being ‘Bamboozled’ by Oil, Gas Industry, Hannah Report
Notes: Ohio has battling severance tax proposals. HB 375 would create a rate of 1% (followed by a temporary 2% rate) on horizontal drillers. It would also cut vertical well rates in half, and create new exemptions and tax credits. Money would be allocated towards well regulation, capping orphan wells, and an income tax cut. HB 212 would create a rate of 7.5% – the same rate as Texas – and designate the revenue for local governments, environmental regulations, and a long term economic development fund.
News: Liberty Trustees to discuss Road Tax, Youngstown Vindicator
Notes: The state of Ohio continues to cut resources for local government. The 2013 tax cuts were funded primarily by making these cuts permanent and by raising Ohio’s sales tax. Regressive taxes (like sales and property) shift the tax load from the wealthy to low and middle income individuals. Ohioans are seeing a tax shift, not tax cuts.
News: The widening gap between rich and poor, Cincinnati Enquirer
Notes: Americans continue to notice that the rich are getting richer and everyone else continues to struggle to get by. Through public investments, we can invest in educational opportunities, public safety, and enhance the quality of life for all Ohioans. These investments will help reduce the income inequality by giving more opportunities those in poverty and the middle class and and increase the quality of life in our communities.
News: Ohio urges small businesses to seek a tax cut, Cincinnati Enquirer
Notes: This business tax cut was a part of HB 59- the Ohio budget – passed in June 2013. The stated purpose of this 50% tax cut was to encourage job creation. Many of us remain skeptical of this claim. Most people who benefit from this will be individuals who have a business, but claim their business income as personal income – such as lawyers or accountants. These individuals are not likely to turn their savings into hiring new employees. Investments into schools, public safety, and social services would create jobs, improve our economy, and helped improve the quality of life for Ohioans.
