COLUMBUS, Ohio – Ohio Republican Senators, in proposing a 5% income tax cut in the two-year state operating budget, say they won’t use any American Rescue Plan coronavirus recovery funds to pay for the decrease.
The stimulus act prohibits the money from being used for tax cuts.
But could they still run afoul of the rules?
Complying with the rescue plan is just one of numerous concerns Ohio Statehouse observers have about the Senate’s budget bill. Another one is the school funding plan in the budget, which public education advocates are watching closely.
WASHINGTON — President Biden will seek new taxes on the rich, including a near doubling of the capital gains tax for people earning more than $1 million a year, to pay for the next phase in his $4 trillion plan to reshape the American economy.
Mr. Biden will also propose raising the top marginal income tax rate to 39.6 percent from 37 percent, the level it was cut to by President Donald J. Trump’s tax overhaul in 2017. The proposals are in line with Mr. Biden’s campaign promises to raise taxes on the wealthy but not on households earning less
PHOENIX (AP) — A new voter-approved tax on high-earning Arizonans that will boost education spending is firmly in Gov. Doug Ducey’s crosshairs, with the Republican vowing Friday to see Proposition 208′s new tax cancelled either through the courts or the GOP-controlled Legislature.
Ducey told the Valley Partnership business group that he’s been advising people who ask him about the new 3.5% surcharge on the wealthy’s income to wait to take their investments to other states because payments on the tax now in effect won’t be due until April 2022. Meanwhile, he’s working to make the measure die, and he laid
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