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.

Weather Watch Sponsored By

Ohio Heating

OhioHeating125

Schedule an appointment today – (614) 863-6666

Featured Events

  • No events
  • News

    in Entertainment

    Easy April Fools’ Day pranks

    aprilfools

    Looking for a quick and easy way to pull a fast one? Check out these perfect pranks for kids, coworkers, and friends.

    in Entertainment

    Robin Williams’ image cannot be used for 25 years

    Actor and comedian Robin Williams poses during a press tour promoting his new movie "License To Wed" in Santa Monica, Calif., Friday, June 15, 2007.

    The "Mrs. Doubtfire" star will not appear in any form of publicity until 2039.

    in Lifestyle

    Amazon wants to help you get your housework done

    A box from Amazon.com is pictured on the porch of a house in Golden, Colorado on July 28, 2008.

    Amazon is offering to help get your chores done, with listings for everything from housecleaning to goat grazing.