Ohio Governor John Kasich’s $63 billion proposal, “Ohio’s Jobs Budget 2.0,” was introduced in full on Tuesday, February 12, 2013 as House Bill 59 with a total of 4,200 pages. Those interested in plowing through all the details can read the entire bill online by clicking here.
The document expounds on Kasich’s plan to cut income and sales taxes, broaden the sales tax base, reform school funding, expand Medicaid and refine taxes imposed on oil and gas drillers.
Kasich’s sweeping tax reform plan calls for a 50 percent income tax reduction for almost every small business over the next two years, and a 20 percent cut for individuals.
The 5.5 percent sales tax rate would drop to 5 percent, but more services would be subjected to the tax, helping to make up for the lost revenue. Service transactions would be taxable unless specifically exempt. Examples of services that would be exempt include health care, education, construction, rental of residential property, social assistance, day care, insurance premiums and residential trash removal.
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