Despite robust revenues, some state lawmakers are champing at the bit to raise taxes on higher-income households, sometimes to extraordinary levels.
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A rosy revenue outlook has allowed Ohio to join eight other states in providing tax relief this legislative session. The Ohio legislature agreed on a two-year budget, which includes individual income tax cuts.
Newly implemented county and regional taxes yield state and local top marginal tax rates in excess of 26 percent for many Portland small businesses, and if all of President Biden’s tax proposals were adopted, those owners could face all-in marginal rates of more than 80 percent, far and away the highest in the country going back decades.