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The Governor delivered his fourth State of the State speech in Medina on Monday evening. The Governor discussed broad themes on many different issues. He also stated that he wants to get the top marginal income tax rate below 5%.
Depending how the tax cut is phased in, it will likely cost Ohio between $600 million and $1 billion in revenue. This revenue could be better used in expanding Pre-K to all Ohioans, reducing college tuition, strengthening the social safety net, and treating addiction. We give up on investing in our communities for tax cuts that have not paid off.
Speaker Batchelder acknowledges that Ohio isn’t doing better with continuous tax cuts and that is “a serious question.” We need to have a reasonable conversation about how we want to invest as a state and develop sustainable revenues to fund those priorities.
One Ohio Now’s State Director, Gavin DeVore Leonard says, “The Governor knows great public services like Medicaid make our communities stronger, and that we need revenue to pay for those services. But, his biggest policy proposal announcement – lowering the top income rate to below 5% – will cost the state billions at the expense of vital investments like public education and public safety that all Ohioans count on.”
“Since 2005, when major income tax cuts began, Ohio has fallen to 48th in the country in job creation. The wealthy are getting wealthier, but prosperity is not trickling down. We should change course now and invest in lowering the cost of college education, addressing addiction at meaningful levels, restoring cuts to the Local Government Fund, and more.”
“It’s time to take an honest look at who is benefiting from income tax cuts. They cost too much and benefit too few.”
