From the PD --
The Buckeye Institute study asserts that cutting the state's $9.1 billion-a-year in income tax revenue would cause a doubling of all other state tax revenues in five years or fewer.Obviously the more money people have the more they will spend. The more profit a business owner makes (lower taxes) can enable him to increase wages and offer better benefits for employees.
It finds that the state's economic activity would be boosted by 3.5 percent and the state's population would rise by 6 percent if the state's income tax were eliminated, which would more than offset the $9.1 billion a year that would vanish.
Killing the state's income tax would save Ohioans who make from $15,000 to $80,000 a year an average of $970, but would deprive the state of its largest revenue source -- about 47 percent of the state's tax receipts in a given year. Those losses would eventually be more than offset by gains in other state taxes such as the state's Commercial Activity Tax, or CAT, the study asserts.
The liberal stink tank, "Policy Matters Ohio," is unable to grasp this simple concept claiming -
"Overall tax load is not principal, or even one of the key actors, relating to business success."
So these mush brains would want you to believe that if a business is taxed up the a** making it harder for them to make a profit and expand - they will stay in Ohio. Right! Because we all know businesses are in business for the sole purpose of supporting the state and hiring employees!
The more you tax businesses the less money they have to hire employees, and the ones they do hire get a lower wage and less benefits. The morons can put any pretty little accounting name they want but the bottom line is the bottom line.The less money a business has to invest in their employees (wages & benefits), technology, advertising, etc... the less chance they have at becoming successful.As for dumping the income tax - this one is simple.... Do you spend more money with an extra $100 in your pocket or an extra $10 in your pocket?You do the math!