❌ HB149
Enact Withholding Illegal Revenue Entering Drug Markets WIRED Act
Summary
The bill imposes a 3% transfer fee on money transmissions by licensees and authorized delegates in Ohio, creating a fund for local law enforcement to combat human and drug trafficking. It allows for a refundable income tax credit for taxpayers based on the transfer fees paid, with specific reporting and payment requirements for those transmitting money. The act is named the Withholding Illegal Revenue Entering Drug Markets (WIRED) Act.
Rationale
The bill increases government control over financial transactions and imposes a tax, which conflicts with the Libertarian principles of minimal government intervention and low taxation. It also does not align with the LPO's advocacy against laws that exceed the powers of law enforcement and the imposition of fees that could be seen as punitive.
Risks and Concerns
- Increased government oversight of financial transactions
- Potential for misuse of funds collected from transfer fees
- Encouragement of further taxation and fees on citizens