State and local governments depend on many different types of taxes, one of which is known as an excise tax. Like general sales taxes, excise taxes are paid on the purchase of an item. But unlike sales taxes, excise...
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- State Budgets: Ohio Governor Expands Tax Incentives, Thre...
State Budgets: Ohio Governor Expands Tax Incentives, Threatens "Washington Monument" to Get Federal Aid
Gov. Ted Strickland (D) has instructed state agencies to cut a total of $1.9 billion from the current biennial $116 billion state budget, including a recent order to close a $640 million shortfall. Strickland has also warned that the 2010-11 biennial budget faces a $7.3 billion shortfall, outlining a "worst-case scenario" of closing six prisons, slashing education subsidies and hiking tuition, stopping nursing home inspections, and pushing hundreds of mentally disabled individuals out of state care facilities. Strickland has used this "Washington Monument" ploy to push for $5 billion in federal aid, but doesn't plan to roll back some recently phased-in income tax reductions. Additionally, state officials are seeking a reorganization of school funding and $1.57 billion in subsidies to favored businesses as stimulus.
More on Ohio here.
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