COLUMBUS -- Ohio Governor John Kasich is proposing major cuts in the state income tax and sales tax.
In his presentation on his proposed state budget for the 2014-2015 fiscal year, Kasich proposed slashing the state sales tax rate from 5.5 percent to 5 percent.
The Ohio sales tax currently brings the state about $8.3 billion in revenue per year.
Kasich also wants to lower the state's income tax rate to 4.75 percent, phased-in over 3 years. The state's top rate is now 5.92 percent for those earning more than $204,200 per year.
"I believe this will allow us to keep our economic momentum going, despite the economic headwinds that are coming from Washington," Kasich said, of his tax reduction proposals.
The Republican governor is also calling for a 50 percent cut in taxes on small businesses whose annual income is up to $750,000 per year.
"This represents 90 percent of Ohio's small businesses," Kasich told an afternoon news conference in Columbus.
The proposed cuts would total $1.4 billion and would be accompanied by closing loopholes, including those now used by big banks.
Kasich also mentioned plans to tax certain services which are now exempt.
Details of the governor's budget, called Ohio's Jobs Budget 2.0, can be found at the state's Budget website. (http://jobsbudget.ohio.gov/)
WKYC-TV
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