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New Bills By Republican Legislators Promise To Destroy Tax

You are currently viewing New Bills By Republican Legislators Promise To Destroy Tax
  • Post category:News

Two bills by Republican legislators are looking to get rid of the income tax and the commercial activities tax in the state of Ohio. This has been spearheaded by George Lang and Stephen Huffman as well as Adam Mathews and Brian Lampton. The Legislators are currently noticing more states and the models they operate off of as they prep the legislation. It’s rather encouraged, given that the Senate Bill 327 had started this interest in repealing the state income tax upon non business income with a 10-year phaseout plan in place. It had been originally known as the Ways and Means Committee in May 2022, only a month after being inducted.

Such an elimination is likely to be achieved, thanks to a specific phased-in approach that can easily reduce the top rate of 3.99% to 0% in 2030. In addition, the Ohio Department of Taxation states that they have been able to collect about $13 billion in state individual income taxes, as early as 2022. As it would turn out the tax is known to be a major funding source for schools and Medicaid.

What do the passing of these bills mean for the state of Ohio and their future ambitions with taxes?

Many believe that this is a step towards getting the Ohio Taxpayers to cut their costs as it would be ever so convenient for anyone else involved.

In fact, the Ohio Department of Taxation will be collecting about $13 billion in state individual income taxes in 2022. One major source of funding happens to be directed towards schools and Medicaid. Bills are on the way as bill numbers and committee assignments

Such an increase in economic activity is evident. As it only goes to show that there is such advancements being made in our government. It’s otherwise amazing to see all the ways life is choosing to advance in the way of having the average taxpayer have to pay less money in the upcoming and quickly contested future.

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