An analysis released June 26 found Ohio’s top 1 percent would get the biggest breaks from the tax plan included in the final version of the two-year state budget, while the state’s poorest would pay more under the plan.It's good the Legislature is always ready to go out of their way to make sure rich people get even richer and poor people get even poorer. Since Scrooge is dead, somebody has to do the Devil's work. These tax cuts make no damn sense, but what's new, the Legislature is run by the Republican party. Nothing those bastards do makes any sense.
The analysis, conducted by the Institute on Taxation and Economic Policy for public policy think tank Policy Matters Ohio, shows the tax plan ’s slew of tax cuts and hikes balance out to disproportionately favor the wealthy in terms of dollars and percents.
On average, the top 1 percent would see their taxes fall by $6,083, or 0.7 percent, under the plan. The next 4 percent would pay $983, or 0.5 percent, less in taxes.
Meanwhile, the bottom 20 percent would pay about $12, or 0.1 percent, more in taxes. The second-lowest 20 percent would see their taxes go down by $5, rounded to 0 percent. The middle 20 percent would see an income tax cut of $9, which is also rounded to 0 percent.
Policy Matters criticizes the tax plan, claiming the revenue should go to other programs, not tax cuts.
Monday, July 1, 2013
Ohio Budget: Helping Those Who Don't Need It
Cincinnati City Beat: