Tax break not really for ‘rich’
Expect ultra-liberal politicians and special interest groups in Ohio to label the tax breaks just signed into law by Gov. Mike DeWine as something for “the rich.” But it isn’t, as Buckeye State residents most in need of relief will learn.
Part of the two-year, $69 billion state budget, the changes cut income taxes by 4 percent for all Ohioans. Those earning $21,750 or less annually will find that they owe no state income taxes. Meanwhile, middle-class families will get some help — a $164-a-year break for those earning $125,000 annually — but far from a windfall.
Where the tax breaks should provide strategic assistance — that is, in job creation — is for small businesses. Those with $250,000 or less in annual revenue will be able to avoid paying income taxes. That will be quite a relief for both employers and, in turn, employees who are far from “rich.”
It should aid many existing small businesses, still the backbone of the economy, and encourage entrepreneurs to open new ones. A tax break that helps the many Davids rather than the few Goliaths, in other words.
Legislators who hashed out the tax cuts had a number of disagreements over them. In the end, however, DeWine was able to sign a meaningful bill that will help those most in need of assistance and grow Ohio’s economy.