Group wants higher Ohio taxes on high-income earners
Posted February 06, 2012 in Press Releases
By the Youngstown Vindicator
Policy Matters Ohio says the state could generate about $650 million annually by levying higher income tax rates on wealthy Ohioans.
PMO says that by reinstituting the state income-tax rate of 7.5 percent on income higher than $250,000 and creating a new 8.5 percent tax on income higher than $500,000, the state could generate more than a half-billion dollars each year.
Figures were based on analysis from the Institute on Taxation and Economic Policy, a national research institute.
PMO says the tax increases would impact 1.3 percent of taxpayers.
The research says the state could reverse half the cuts made to public schools and local governments in the current two-year budget.
“Public services, though sometimes invisible, are a crucial element in a thriving economy,” said Zach Schiller, report author and Policy Matters research director. “To restore critical services and invest in the future, Ohio should boost income-tax rates on its highest earners.”