Tax Proposal In Chambers

State income taxes for low and moderate earners in Ohio would be eliminated or reduced under the latest version of the state budget, unveiled by House Republicans. The proposal before the state’s House Finance Committee eliminates personal income tax for those earning less than $22,500 a year. The bill would cut the tax by 4.7% for those earning between $22,500 and $88,800, for tax savings of about $300 million. The plan also lowers a business deduction for LLCs and other entities from the first $250,000 in income.