Saturday, January 31, 2009

Kasich, House Republicans Want to "Recharge Ohio" by Cutting Taxes on Rich People

Here is an interesting quote from a Cleveland Plain Dealer article:

Proposals to offer cuts to the state's estate tax as well as capital gains tax are being hashed out behind the scenes by Republican state lawmakers, House Minority Leader Bill Batchelder, a Medina Republican, acknowledged this week. 

Ohio is now in a situation where there is a huge shortfall in the state's revenues at a time when ordinary Ohioans are needing more and more government assistance. A large reason for the state's budgetary problems was the reckless tax cuts that the Republicans passed in 2005. Those tax cuts were targeted toward the rich. Now, with Ohio facing a multi-billion dollar shortfall, Republicans want even more tax cuts for the wealthy. 

The Republican rationale for the tax cuts is that supposedly rich people are fleeing the state. Well here are some questions for the House Republicans:

1. How many rich people are fleeing the state because of the state's estate and capital gains taxes as opposed to fleeing the state for other reasons? 

2. How many of those that are "fleeing the state" will stay if these tax cuts are passed" 

3. What is the effect on the state's revenues if this proposal passes? 

4. How will the Republicans make up any revenue loss? 

How much do you want to bet that the House Republicans won't be able to provide answers to those questions?

1 comment:

Anonymous said...

Rich folks are not fleeing due to taxes...they are fleeing because they can. Who wants to stay in OH. once retired anyway? Since moving here 11 yrs. ago I have come to know many retiree's that have moved to FL. just because it's warm. DUH. It seems everyone flees and flies south when they come to retire. It's the thing to do.