Friday, August 29 2014 1:50 PM EDT2014-08-29 17:50:07 GMT
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(Toledo News Now) -
The centerpiece of Gov. John Kasich's second two-year budget plan is an overhaul of the state's tax code.
The governor estimates this is going to be a $1.4 billion tax cut for Ohioans. Those who are trying to help grow the local economy say the governor's proposal should have a very positive impact for the business climate.
"Our taxes are too high and they are too high particularly as they effect small businesses' ability to pay," said Kasich.
Kasich says because the state's rainy day fund is growing, Ohio's in a position to drastically cut income tax rates.
The governor's two-year budget proposal calls for reducing the state tax rate on most small businesses by 50 percent. It also calls for cuts to income tax statewide by 20 percent over the next three years.
"About 50 percent of the jobs in this state are created by small businesses and we want to do everything we can to encourage job growth in small businesses," said Kasich.
The head of the Toledo Regional Chamber of Commerce applauds the governor's plan to slash taxes to try to ignite job growth across the state.
"We have to keep driving to make our state cost-effective to do business.Iif people aren't finding our state good to do business in, then guess what: there's no jobs," said Mark V'Soske.
Ford Weber, head of the Lucas County Economic Development Corporation says lowering the tax burden will increase the chances for local economy to grow.
"Local businesses are always looking to be in a more favorable tax climate because the less money government takes out of their net revenue at the end of the day, the more money they have to reinvest and create more jobs and expand their businesses," explained Weber.
The governor's plan now heads to the General Assembly for consideration and approval.