There’s something fishy about this:
Taft announced Wednesday that good economic times will allow him to accelerate a 5-year phase-in of income tax reductions eventually planned to reach 21 percent. He has directed state tax collectors to withhold 8.4 percent less from paychecks across the state beginning Oct. 1, on top of the 4.2 percent reduction in withholding begun in January.
Oh yeah, maybe this:
Taft’s adjustment of the tax tables does not represent a change in the rate reductions themselves, which are 4.2 percent a year from tax year 2005 to tax year 2009. The adjustment has the effect, however, of getting the benefits of those cuts to taxpayers earlier – by leaving more money in their paychecks rather than keeping them waiting until refund time.
The Republican governor’s move comes just before a November election in which Republicans seek to retain the governor’s office amid a state political scandal. The tax cut will also come just as a coalition of labor unions and liberal think-tanks presents to voters a ballot issue that would increase Ohio’s minimum wage.
The fake populism of the Republican party is exposed everytime something like this comes up. Payroll taxes, not income taxes, truly impact the pocket book of the middle class. From the state to the federal level, income tax cuts are generally targeted to the upper tax brackets, because that’s the true base of the Republican party, despite the theocratic wishes and demands of the far-right wing nuts. – originally posted at Peoplehavethepower.org