Ohio Capital Gains Tax Cut -- Only for the Rich

[Schmajo]

I'm shocked, shocked that the Republicans would try this in an election year!! What is the world coming to?

7/19/06
http://www.dispatch.com/business-story.php?story=dispatch/2006/07/19/20060719-D1-03.html

"The average savings for 80 percent of Ohio workers in the first three years of a proposed state capital-gains tax cut wouldn’t buy a chicken parmesan entrée at Max & Erma’s.

But the 55,000 people who make up Ohio’s richest 1 percent, earning an average of $812,000 a year, would receive an average break of $7,164 each, according to an analysis by the Institute on Taxation and Economic Policy, a liberal-leaning research group based in Washington.

The group said the Republican plan would do more harm than good for Ohio, pushing investments and spending out of the state, including a shift of nearly $100 million to federal taxes, while costing the state thousands of jobs.

It also says that 92 percent of the tax cut would go to the top 5 percent of wage earners.
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