Today, the Buckeye Institute, Americans for Prosperity, Americans for Tax Reform, Senator George Lang, and Senator Steve Huffman came together for a press conference to release a new report “Buckeye Blueprint: Tax Reform in Ohio.”
The analysis, authored by the Buckeye Institute’s Economic Research Center, goes through multiple income tax reform scenarios in great depth. These scenarios show how income tax elimination can be scheduled out into the future, how it would grow the state economy, where spending can most easily be curtailed, and more.
For example, the first scenario estimates a 10-year phaseout of the state income tax would result in $12.9 billion in economic growth, with 81,000 jobs created over the decade. This growth would partially offset the decline in revenue for state coffers.
ATR President Grover Norquist said upon the report’s launch:
“Ohio Republican legislators have led the way to significant income tax cuts in the last budget, and are prioritizing more reform this year. There is need for urgency with at least 10 states considering income tax cuts now, after more than 20 states have cut rates since 2020. In the flex work era, Ohio cannot afford to fall further behind any state, and especially its neighbors, when it comes to making the state more welcoming to workers and businesses.
You can read the full report at BuckeyeBlueprint.com.