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State of Ohio November 2, 2010 Election
Smart Voter

How to Balance Ohio's Budget Problems

By Dennis S. Spisak/Anita Rios

Candidate for Governor/Lt Governor; State of Ohio

This information is provided by the candidate
Ohio is facing an 8 Billion Dollar Budget shortfall in 2011. How I would help balance the budget.
. I would restructure the 2005 tax changes that lowered income taxes for wealthy taxpayers. The Office of Budget and Management says reversing just one year of the income tax cuts would bring in $422 million dollars. To help low-income households, raise the amount households can make before owing an income tax. Implement an Ohio Earned Income Tax Credit system like the Federal EITC. Currently, 24 states and the District of Columbia have this credit in place, which would bring low-income families out of poverty.

Raise the Commercial Activity Tax: revenues would allow for paying schedule reimbursements as well as add money to the General Revenue Fund. This could raise at least $50 million for the state. Retain some of the income tax portion of the corporate franchise tax. Retaining at least 1/5 of it's former rate would give the state at least $200 million per year.

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oh/state Created from information supplied by the candidate: September 24, 2010 18:09
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