News

GOP proposes 18% income tax cut

COLUMBUS, Ohio – Statehouse Republicans unveiled a tax reform package they claim will provide nearly $2.6 billion in relief over the next three years by reducing personal and business income tax rates.

Leaders of the House and Senate released their plan last Thursday to slash income taxes by nearly 18 percent over two years and whack small business taxes in half.

House Speaker William Batchelder (R-Medina), Senate President Keith Faber (R-Celina), House Finance and Appropriations Committee chair Ron Amstutz (R-Wooster) and Senate Finance Committee chair Scott Oelslager (R-North Canton) took the wraps off the package, part of their two-year budget plan, which includes reductions in the personal income tax rate of 8.5 percent in the 2014 fiscal year, 9 percent the following year and 10 percent in 2016.

The proposal also includes a 50 percent small business tax cut.

They’re making up the difference with a quarter-percent hike in Ohio’s sales tax from 5.5 to 5.75 percent.

Lawmakers must pass the budget by Sunday.

The plan also includes taxes on Internet sales and products delivered electronically, expanding the Homestead Tax Exemption to seniors who earn less than $30,000 and eliminating the gambling loss deduction.

Both the House and Senate Ways and Means Committees will review the proposals.

Featured Events

new cher

Cher: Dressed to Kill Tour

Cher’s “Dressed To Kill” tour comes to town on April 30th at Nationwide Arena.

wwe sd

WWE Smackdown

See all of your favorite Superstars in action including: John Cena, Randy Orton, The Shield and Bray Wyatt & The Wyatt Family.

KatyPerry 2014 tour PR photo

Katy Perry: The Prismatic World Tour

Katy Perry’s “Prismatic World Tour” comes to Nationwide Arena on August 13th.

News

today in Entertainment

Today in entertainment history: April 18

roseanne

A look back at Hollywood history.

yesterday in Entertainment

REVIEW: Cast keeps ‘Heaven Is for Real’ grounded

This image released by Sony Pictures shows Connor Corum, left, and Greg Kinnear in a scene from "Heaven Is For Real."

Based on the true story described in the best-selling book, the film introduces us to a four year old boy who says he went to heaven.

yesterday in Entertainment

Could we soon see ‘Mrs. Doubtfire 2?’

robinwilliams

This could be the sequel we've been waiting for.