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Governor Kasich's Alternate Reality
August 27, 2012
It’s time for a reality check. Over at Opportunity Ohio, our friend Matt Mayer just released this report, listing 10 erroneous claims being made by Governor John Kasich to defend his severance tax hike plan. While the tax plan isn’t law yet, it’s already posing a serious threat to Ohio’s economic growth and has caused Ohio’s “attractiveness for energy exploration” ranking to plummet. We’ve also seen that Ohioans aren’t falling for the tax scheme. Yet somehow, Governor Kasich still insists on defending it. While this is a perfect time to reduce Ohio’s burdensome income tax, lawmakers should look at common sense trims to spending and avoid taxing the promising energy industry. The following excerpt from the Opportunity Ohio report explains why, fundamentally, this type of tax is not in Ohio’s best interest:
Clearly, Ohioans deserve better than a tax plan that undermines investment and hurts job creation in their state. The growing energy economy has been estimated to generate over 200,000 jobs, increase output by over $22 billion and taxable wages by over $12 billion. Ohio’s leaders should strive to turn those estimates into a reality while reducing spending that grew by 43 percent (even adjusting for inflation and population growth) from 2000 to 2010. Let’s hope they come to their senses sooner than later.
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