Big Tax Reform Proposals In The Proposed House Budget
The two-year state budget proposed by the Ohio House includes some new tax cuts and takes away some tax breaks.
The House budget includes $300 million worth of income tax breaks for low to moderate income Ohioans. And House Speaker Larry Householder says the current business income deduction will be reduced.
Right now, businesses don’t pay taxes on the first $250,000 of income but Householder says that will go down to $100,000, making taxes fairer for all Ohioans.
“We shouldn’t try to pick winners and losers. What we should try to do is set a balanced field out there and let people compete in business," Householder says.
Householder says it also eliminates tax breaks for things like gold coins and private jets. It will get rid of the motion picture tax credit and the one for contributing to a political campaign.
And it proposes changing the sales tax collection process for online retailers like Amazon and Wayfalr and ride sharing services like Lyft and Uber.