Ohio would need $1,600 from every taxpayer in the state to pay off all of its bills, a figure worse than a year ago, according to a new report released Thursday.
Ohio ranked 28th and was given a “C” grade with a $1,600 burden per taxpayer in Truth in Accounting’s Financial State of the States report.
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Ohio Gov. Mike DeWine wants state lawmakers to put the brakes on lowering the state gas tax, saying infrastructure upgrades are needed around the state and those projects create jobs.
A state senator pushing to scale back the tax to pre-2019 levels for at least five years believes now is the right time, however.
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An Ohio state senator wants to lower the state’s gasoline tax to pre-2019 levels for the next five years, but a panel of state economists believe the plan is a bad idea.
Sen. Stephen Huffman, R-Tipp City, believes Ohioans could use the break, especially when the federal government has committed to giving the state 10 times more revenue over the same time span than the gas tax traditionally generates.
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Ohio again found itself receiving a near-failing grade in an annual report by Truth in Accounting that reviews financial information for all 50 states.
The 2021 Financial State of the States report, released earlier this week, showed the state finished the 2020 fiscal year needing $20.7 billion to cover all of its obligations. That represented a taxpayer burden of $5,400, a representation of what the state owes per taxpayer.
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Two Ohioans filed lawsuits this week challenging Ohio tax law that allows cities to tax income of workers who, the lawsuits say, do not live in nor work in the municipalities.
The Buckeye Institute, an independent research and educational group, filed the lawsuits on behalf of Eric Denison and Josh Schaad against the cities of Columbus and Cincinnati. The lawsuits ask the court to declare unconstitutional Ohio law that allows cities to tax workers who do not live in and have not been working in those cities.
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