Kasich today during his inauguration speech:
“We must rebuild our great cities in Ohio.”
“House GOP will unveil plans to repeal state’s estate tax”
Ohio House Republicans on Tuesday will officially begin their quest to repeal the estate tax, following through on a promise — supported by Gov. John Kasich — to get rid of the state tax.
The House GOP scheduled a news conference to unveil legislation related to the estate tax, which is levied on the net value of an estate before its assets are transferred to anyone else.
About 80 percent of the estate tax revenue goes to local governments that rely on the money to balance their budgets. Of the $285.8 million in revenue the state collected in the 12 months that ended June 30, $230.8 million went to local governments.
Unless Kasich and his legislative allies are prepared to replace that nearly a quarter of a billion dollars in funding elsewhere in the State’s budget, the GOP is prepared to make it pretty darn hard for cities to do jack squat.
Again, as Thomas Suddes pointed out over the weekend, at best, all a repeal of the estate tax will do is reshift the tax burden around… leading to higher local taxes that create financial disincentive to attracting businesses in our cities.
According to the latest data, roughly 7% of all deaths in Ohio lead to any actual estate tax liability. Of all the things that need to be addressed in Ohio, repealing the estate tax shouldn’t be anywhere near the top of the list.
Meanwhile here’s a prime case of historical revisionism:
"I think we heard pretty loud and clear during this last election that people feel this is an unfair tax, and I would agree," said Rep. Cheryl Grossman, R-Grove City.
Kasich rarely talked about repealing Ohio’s estate tax. I don’t recall the Ohio House Republican Caucus doing ads and pushing their candidates to talk about repealing the estate tax during the campaign. If State Rep. Grossman thinks voters spoke loud and clear about the estate tax this November, she’s hearing voices in her own head.
Yet again, we see yet another example of Kasich saying one thing, but doing the opposite.