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Joe
Uecker
State
Representative
07/10/06
Personal Income and Capital-Gains Tax
Reform
During the last year and a half of this General Assembly
in Columbus, we have taken a number of steps to lessen the
costs associated with living, learning, working and
earning in the state of Ohio. On the topic of working and
earning, we continue to identify tax reforms as a way to
pass on savings to Ohioans – allowing families, small
businesses and important industries in our state to thrive
and succeed for years to come.
One important step that we took during budget
deliberations last June was to pass the lowest-growth
budget in more than 40 years while still funding education
at historic levels. This measure ensured us that our state
government would operate in a fiscally conservative manner
and also allowed us the opportunity to pass on more
savings to the citizens of Ohio.
All across the state, families have begun to see the
benefits of the 21 percent personal income tax reduction
included in the budget bill. Ohio businesses have
benefited as well with the tax relief provided through the
elimination of the corporate franchise tax and the
implementation of the commercial activities tax. This
reformation in the business tax code continues to
encourage businesses across the nation to choose Ohio as a
place to locate and create new jobs. Numerous out of state
companies have already recognized our new business tax
code as a way to help their business thrive and keep jobs
and have moved their operations into the Buckeye state.
As a result of these changes and reforms, Ohio has created
more than 36,000 jobs since June 2005 in new operations in
our state along with the continued growth and expansion of
Ohio industries.
In the coming months, we hope to build on this success by
providing even more incentives to invest and locate in
Ohio.
Recently, members of the House unveiled yet another option
legislators will soon discuss for taking the next step in
tax reform to relieve Ohioans of the capital gains tax.
Currently, our capital gains are taxed at the same level
of an individuals’ income tax. However, by phasing in our
proposed plan, that rate is reduced to 3 percent over
three years – allowing Ohioans to keep and save more of
their money. We are able to do this due to early efforts
to transform and revitalize the state’s economy, seeing
increased economic activity that has resulted in higher
revenues. This surplus is now enabling state leaders to
return those dollars to the taxpayers.
I am also very pleased to announce that Ohioans will soon
see an increase in their individual weekly take-home pay.
Last week the governor announced the state will be saving
you more money by accelerating the benefits of the
five-year 21 percent state income tax cut provided to
Ohioans through the budget bill. Putting more money back
into Ohioans paychecks every week is possible due to the
fiscal restraint demonstrated by the legislature during
last years budget process.
As we try to encourage people to come and stay in our
state, it is important we continue our efforts toward
reducing the tax burden. These efforts send yet another
signal to people around the nation that Ohio welcomes
investment.
Joe
Uecker
State
Representative
Ohio’s
66 District
Representing
Batavia, Goshen, Miami and Union Townships as well as the
Cities of Loveland and Milford and the Villages of Batavia
and Amelia.
Columbus Phone:
614-466-8134
Email:
Joe@JoeUecker.com
Website:
http://JoeUecker.com |
