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An Analysis of the
Proposed July 2006
The Ways and Means Committee of the Ohio House
of Representatives has begun hearings on House Bill 626, which proposes a
new set of income tax cuts, this time to the rates on capital gains. Policy
Matters Ohio and The Center for Community Solutions requested that the
Institute on Taxation and Economic Policy (ITEP) analyze the proposed
reductions. ITEP found that three quarters of the proposed tax cuts in the
first three years would go to the wealthiest one percent of Ohioans. The
plan would likely cost the state thousands of jobs, ITEP said, because a
large share of the tax cuts would be diverted out of state, including almost
a fifth that would be sent directly to the federal government in higher
federal income taxes.
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7/18/2006
Policy
Matters
Ohio
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4C - East
Cleveland, OH 44114
ph: 216/361-9801 fax:
216/361-9810
Columbus office:
614/486-4601 fax: 614/486-4603 |