Ohio Gov proposes income tax cut, hikes elsewhere - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Ohio Gov proposes income tax cut, hikes elsewhere

Ohio Gov. John Kasich has proposed a sweeping budget that reduces state income and small-business taxes through hikes in other areas, boosts school funding and expands Medicaid.
    
The Republican governor's plan was unveiled Monday.
    
The $63.1 billion, two-year budget incorporates a significant rewrite of Ohio's tax code that he says reflects the state's shift from a manufacturing to service economy.
    
It reduces the tax rate on most small businesses by 50%, cuts the income tax rate statewide by 20% over three years, and lowers the sales tax rate from 5.5% to 5% while imposing the tax on more services.

The plan also incorporates the governor's education funding overhaul outlined last week, which delivers $1.2 billion in additional funding to districts over the biennium.

Highlights of Ohio Gov. John Kasich's two-year budget:

TAX CUTS: Reduces small business taxes by 50%, cuts state income tax by 20% over three years, and decreases sales tax from 5.5% to 5%.
    
TAX INCREASES:  Places taxes on professional services such as lawyers and accountants, and increases tax on large-volume oil and gas drillers.

MEDICAID EXPANSION: Expands Medicaid health care coverage for poor under the new federal health law, making 365,000 more Ohioans eligible. "You'll get greater access to the Medicaid program by a larger number of people statewide and certainly within Hamilton County," said Mike Samet, PIO of Hamilton County Public Health. "This lowers the threshold of the poverty level and brings coverage available to folks who are different percentages of the federal poverty guidelines so I think it raises some of that to get more people in."

HIGHER EDUCATION: Puts higher priority on number of students who graduate from public colleges and universities by tying half of state funding to graduation rates, delivering combined $4.7 billion over the biennium.
   
PRIMARY AND SECONDARY EDUCATION:
Gives extra $1.2 billion to public school districts, eases disparities in revenues from local property tax levies, and offers more money to districts based on number of poor, special-needs, gifted and college-bound students.
    
HIGHWAYS:
Creates up to $3 billion for road and bridge projects mainly through bond sales backed by future Ohio Turnpike toll revenues.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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