Budget Presentation March 20 2015 - Innovation Ohio
OHIO’S RECOVERY HAS TRACKED THE RECOVERY STARTED WELL BEFORE NATIONAL RECOVERY GOV KASICH’S FIRST BUDGET
U.S. JOB-GROWTH RATE
2.3% OHIO JOB-GROWTH RATE
1.2%
U.S. MEDIAN HOUSEHOLD INCOME $51,939% OHIO MEDIAN HOUSEHOLD INCOME $46,398
“1 out of every 4 families in Ohio temporarily fall into poverty because of unanticipated crisis and the lack of financial cushion”
MORE REGRESSIVE THAN EVER ANOTHER TAX SHIFT THAT FAVORS THOSE AT THE TOP
RAISES TAXES BY $5.2 Billion
CUTS TAXES BY $5.7 Billion
Expands, Raises Sales Tax to 6.25% $2.4 billion
23% Income Tax Cut $4.6 billion
Raises Cigarette Tax by $1 per Pack $991 million Raises CAT from .26 to .32% $691 million Raises Severance Tax to 6.5% $325 million
Expands Personal Exemption $372 million
Eliminates tax for pass-though entities for businesses $696 million
SCHOOL FUNDING
Only
$464 million net increase in state aid to
schools out of a record-sized GRF budget of $72 billion
COMMUNITY IMPACTS
Over the last four years, Ohio communities have been cut by an estimated $1.5
billion. However, in this
record-setting $72 billion budget they see little relief.
1. FAVORS THOSE AT THE TOP BUT LEAVES MORE AND MORE OHIOANS BEHIND
2. TAX SHIFT DOESN’T MAKE SENSE FOR JOB CREATORS OR MIDDLE CLASS FAMILIES
3. SUPPORT FOR SCHOOLS DOESN’T PASS THE GRADE, CUTS CONTINUE TO HURT LOCAL COMMUNITIES
U.S. JOB-GROWTH RATE
2.3% OHIO JOB-GROWTH RATE
1.2%
U.S. MEDIAN HOUSEHOLD INCOME $51,939% OHIO MEDIAN HOUSEHOLD INCOME $46,398
“1 out of every 4 families in Ohio temporarily fall into poverty because of unanticipated crisis and the lack of financial cushion”
MORE REGRESSIVE THAN EVER ANOTHER TAX SHIFT THAT FAVORS THOSE AT THE TOP
RAISES TAXES BY $5.2 Billion
CUTS TAXES BY $5.7 Billion
Expands, Raises Sales Tax to 6.25% $2.4 billion
23% Income Tax Cut $4.6 billion
Raises Cigarette Tax by $1 per Pack $991 million Raises CAT from .26 to .32% $691 million Raises Severance Tax to 6.5% $325 million
Expands Personal Exemption $372 million
Eliminates tax for pass-though entities for businesses $696 million
SCHOOL FUNDING
Only
$464 million net increase in state aid to
schools out of a record-sized GRF budget of $72 billion
COMMUNITY IMPACTS
Over the last four years, Ohio communities have been cut by an estimated $1.5
billion. However, in this
record-setting $72 billion budget they see little relief.
1. FAVORS THOSE AT THE TOP BUT LEAVES MORE AND MORE OHIOANS BEHIND
2. TAX SHIFT DOESN’T MAKE SENSE FOR JOB CREATORS OR MIDDLE CLASS FAMILIES
3. SUPPORT FOR SCHOOLS DOESN’T PASS THE GRADE, CUTS CONTINUE TO HURT LOCAL COMMUNITIES
