Abolish State Income Tax?
The Buckeye Institute, a Columbus, Ohio based think-tank "devoted to individual liberty, economic freedom, personal responsibility and limited government in Ohio," is calling for lawmakers to phase out state income tax over the next ten years. Their study, released on Monday, asserts that eliminating the state income tax would result in 3.5% economic growth and 6% population increase for Ohio, and would help reverse the declining economic trend in the state.
Ohio's $9.1 billion in income tax collected annually represents 47% of Ohio's total tax revenue in a given year. The Buckeye Institute claims that growth resulting from the abolished income tax would make up the lost state revenue in 5 years or less.
Click HERE for a press release from the Buckeye Institute.
Click HERE for the article from the Cleveland Plain Dealer.
Just FYI: according to the IRS, 9 states currently do not have state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.