By TED STRICKLAND and LEE FISHER
September 6, 2008
Ohio is going to be a hard fought-over state in this presidential election. And consequently, the economy of this bellwether state has become highly scrutinized.
But much of this scrutiny has focused only on the admittedly tragic loss of manufacturing jobs, while overlooking major investments in tax reform, technology and higher education. Things in Ohio are not as the news coverage has made them appear.
Dana Corporation's automotive parts manufacturing plant in Lima, Ohio.
There's no question we face serious economic challenges, and that the national economy's decline has hit citizens hard in the wallet.
But the state has too many strengths, too many successes, and too noble a history to be portrayed as a poster child for the country's economic woes. Look under Ohio's hood. Its engine is being redesigned and retooled in ways that offer important lesson on how to make an economy more competitive in a global marketplace.
The biggest shift is in taxes. Ohio business leaders told us that our tax structure was outdated and made the state uncompetitive. So, in a bipartisan manner, we restructured our tax laws to lower the burden for business.
By 2010, Ohio will be one of only two states without a general tax on corporation profits or a property tax on business machinery, equipment and inventories. This year is the last for Ohio's business property tax; next year is the last for the corporation profits tax. And Ohio's personal income tax rates are falling by 21% across the board.
Saturday, September 06, 2008
Democrats Lead in Ohio with Tax Cuts