The Treasurer and School Funding. (How Bob Drake will provide more money for schools without raising taxes)

By Bob M. Drake

Through the same plan mentioned in Position Paper #1, the Treasurer can enable individuals to donate additional money to schools, while providing a deduction for "charitable contributions" on their federal taxes. taxe

"I thought schools were funded with taxes. Where does the money come from?" It's true that most school funding comes from a variety of taxes (mostly property taxes and special levies passed in each district).There is another method that individual property taxpayers can use to provide additional money to schools. In a previous page, Bob Drake, candidate for Hamilton County Treasurer, has described a method by which Hamilton County taxpayers can reduce their property tax payment by paying those taxes in monthly installments. For some people, the amount saved may not be enough to make it worthwhile. If that is the case, they may choose to help schools and also receive a tax benefit by paying their taxes in monthly installments! This is how it works:

1.Property owners pay their taxes in monthly installments rather than in two large payments each year.
2.The money earns interest (approximately 7%) during the time that it is held by the County before taxes are actually due.
3.The interest on that money is donated BY THE TAXPAYER to his/her local School District (rather than being paid into the County's General Fund).
4.Since the taxpayer is really entitled to that money, it is considered a "donation" and may be deducted as such from the federal tax returns.

Thus, it's possible to increase money for schools and reduce your federal taxes!

"How much might this provide to my school?" For a taxpayer who owns a $207,700 home, depending on the municipality and school district in which you live, you could contribute approximately $173.70 a year. The amount that any School District would receive would depend on the number of property owners who chose to make this donation.

"Could this replace current taxes for schools?" No, schools will still need your support for tax levies and from the Ohio State Legislature. The amount would be too little to allow schools to operate without continuing current funding methods. However, if you talk with anyone associated with schools, you will learn that every little bit helps. Schools need additional money to buy supplies, provide library books, and support a variety of programs for our children. By permitting a "voluntary" donation (which is also tax deductible for many home owners), you can help schools and actually reduce the