Ohioans would no longer pay state income tax and the state would become the 10th without it if a bill recently filed in the Senate becomes law.
Sen. Steve Huffman, R-Tipp City, introduced a plan to lower the tax rate in each bracket by 10% a year over the next 10 years, eventually eliminating the state income tax completely.
Numerous states have seen their state revenue surge in 2021 fueled by a robust stock market, growing income, federal aid, and increased tax revenue, The Wall Street Journal reported.
States’ revenue soared 24% between April and November from 2020 to 2021, according to a survey conducted by the Urban Institute think tank, the WSJ reported. Thirty-two states said the revenue collected in the fiscal year ending in 2022 was ahead of expectations, according to data from the National Association of State Budget Officers obtained by the WSJ.
While Americans continued to move out of higher taxed blue states in 2021, migration patterns were different than they were in 2020, a report by United Van Lines indicates.
United Van Lines customers primarily moved for new jobs or to be near family, resulting in their destination states being more varied than they were in 2020 when they primarily moved to western and southern states from northern states, its 45th Annual National Migration Study found.
New York Gov. Andrew Cuomo, who once pled for an influx of healthcare workers to treat COVID-19, now says they have to pay up for the privilege of having worked there to treat the coronavirus.
Cuomo said out-of-state medical professionals who volunteered to help his state owe income taxes, Fox News said. That applies even if they stayed on the payroll in their home states. However, only workers who stayed in New York for more than 14 days are on the hook.
A bill that is pending in the State Senate Ways and Means Committee would make it more difficult for the Ohio General Assembly to raise taxpayers’ income taxes.