✔️ HB30
Phase-down the state income tax to a flat rate of 2.75%
Current Status: In House Committee (Ways and Means)
Summary
The bill proposes to amend the state income tax code to phase down the state income tax to a flat rate of 2.75% over two years. It applies to individuals, trusts, and estates earning or receiving income in Ohio, with specific provisions for taxable business income and exemptions. Adjustments to income amounts are prohibited during the phase-down period.
Rationale
The bill aligns with Libertarian principles by reducing the state income tax, which supports economic liberty and individual financial autonomy. However, it still maintains a tax structure, which prevents a perfect alignment with the LP's goal of abolishing income tax altogether. The LPO's higher score reflects its strong opposition to state income tax and support for reduced taxation.
Risks and Concerns
- Potential for increased government dependency on other forms of taxation.
- May not fully eliminate the income tax as desired by Libertarians.