The Ohio Farm Bureau has joined Ohio Rising, Americans for Prosperity, National Tax Payers Union, Ohio Liberty Coalition and others in condemning Governor John Kasich’s proposal to quadruple the Ohio severance tax.
If you are not aware of this issue, this is a tax on those who “sever” oil and gas from the ground in Ohio. Governor Kasich wants to raise the current tax from about 1% to about 4% – a 400% increase on these businesses (equivalent to a 40% income tax increase for business owners).
This proposed increase is in addition to the already deplorable personal and corporate tax environment that Ohio small business owners and land owners already face.
If Governor Kasich’s push for increasing the severance tax continues, he will be hurting current job producers and land owners in Ohio and preventing investment from new ones who would be interested in expanding in Ohio.
The proposed tax savings for an Ohio family from this plan – the cost of about one pizza per year. To make this redistribution of wealth possible to people who have nothing to do with the extraction of oil or gas – small business owners in the industry will be receiving the equivalent of a 40% income tax increase.
If Governor Kasich wants to cut income taxes for all Ohioans – we’re all for it. But taking from families who worked hard to earn their money and giving it to people who have nothing to do with this process is very wrong.
For more information, go to http://www.ohiorising.org.