Bush Economic Stimulus Package Would Hurt Ohio

POSTED BY: George Hiotis
Wednesday, January 8, 2003 - 06:48 AM
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State tax officials say President Bush’s economic stimulus package would whack about 600-thousand dollars out of Ohio’s already beleaguered budget over two years. Those revenues would be from income taxes on stock dividends, which the president proposes to reduce or eliminate. Ohio department of taxation spokesman Gary Gudmundson says if Bush chooses to cut the tax rate rather than eliminate the tax, the loss to the Ohio treasury would be less. The prospect of such a revenue loss on top of a projected budget shortfall possible as high as four billion dollars could force the state to de-link Ohio’s tax rates from the federal statutes upon which they are now based.

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