The Buckeye Institute: Eliminating Tax Loopholes Step in the Right Direction, More Can be Done to Reduce Needless SpendingMay 02, 2019
Columbus, OH – The Buckeye Institute issued the following statement on Substitute House Bill 166, which was released today.
“Since 2011, The Buckeye Institute has called for the elimination of tax credits and loopholes and we are pleased that the Ohio House has taken a step in the right direction by closing a number of loopholes, including the NetJet deduction, the film credit deduction, and the small business tax deduction. These changes will make Ohio’s tax code fairer and simpler.
“However, in not using the savings to lower tax rates for all Ohioans across the board, the change in the small business tax deduction will increase taxes on Ohio’s entrepreneurs and small businesses, which will harm economic and job growth across the state. Furthermore, some tax changes will take effect at the start of 2019—effectively changing the rules mid-game—and will retroactively punish people who made business decisions based on the existing rules.
“While this budget does much to address Ohio’s most pressing challenges, there is much more that can be done to reduce needless spending and further cut government waste, which will enable Ohioans to keep more of their hard-earned money. Ohio’s economy continues to grow at a slower rate compared to the rest of the country, which is why pro-growth policies are needed, and The Buckeye Institute looks forward to working with members of the Ohio House and Senate as they continue to craft a pro-growth budget that will be sustainable in the face of any economic downturn.”
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