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tax cuts

Updated at 10:59 a.m. ET

U.S. economic growth fell to a 2.1% annual rate in the second quarter — down from a 3.1% pace in the first three months of 2019, the Commerce Department said. But growth came in slightly stronger than many analysts had expected.

Sen. Vernon Sykes
Ohio Senate

For the first time in 12 years, a two-year state operating budget has passed the full Ohio Senate without a single "no" vote. That sends the $69 billion spending plan to a conference committee to work out conflicts with the House version of the budget.

When President Trump signed the Tax Cuts and Jobs Act into law in December 2017, he hailed it as a major legislative victory — calling the cuts “rocket fuel” for the U.S. economy and claiming they would pay for themselves.

Ohio House

The House will vote on its version of the $69 billion state budget Thursday, after the first unanimous committee vote in more than a decade.

Ohio House

The House version of the budget comes out Thursday. It will include a change to a controversial deduction that allows some small businesses to take up to a quarter of a million dollars in income tax-free.

Gov. Mike DeWine, center, speaks between Ohio Senate President Larry Obhof, left, and Ohio House Speaker Larry Householder during the Ohio State of the State address at the Ohio Statehouse in Columbus, Ohio, Tuesday, March 5, 2019.
Paul Vernon / Associated Press

State lawmakers have been advised by their economic researchers to cut the spending in Gov. Mike DeWine’s budget. But they may also add income tax cuts into the House version of the budget set to be released on Wednesday, something that DeWine deliberately left out.

There aren’t any tax cuts in Gov. Mike DeWine’s first budget. Lawmakers may change that when they introduce their version of it soon. But they probably won’t change the $19.2 billion in tax credits and loopholes in it.

Mike DeWine
Jay LaPrete / AP

There are no tax cuts in Gov. Mike DeWine’s first budget. Lawmakers may change that when they introduce their version of it soon. However they probably won’t change the $19.2 billion in tax credits and loopholes in it.

Andrew Harnik / Associated Press

Sen. Sherrod Brown (D-Ohio), the subject of much speculation for the 2020 presidential election, took time to chat with WKSU about some of his priorities, including tax and health care reform.

Sen. Sherrod Brown, D-Ohio, left, and Sen. Rob Portman, R-Ohio, speak to reporters on Capitol Hill in Washington, Wednesday, Dec. 5, 2018.
J. Scott Applewhite / AP

Republicans’ federal tax law changes are in full effect this year, and the average federal tax refund is down nearly 9 percent from a year ago. The 2017 law lowers federal withholding paychecks and increases the standard deduction for individuals, but it also takes away some deductions.

Updated at 4:39 p.m. ET

President Trump promised that his tax changes, passed in 2017, would give most Americans a tax cut.

However, as the first federal returns for 2018 come in, some taxpayers are discovering an unpleasant surprise: Their refunds are smaller than expected. In fact, as of Feb. 1, the average refund is down by about 8 percent from the same time last year, according to the IRS.

Phil Long / Associated Press

Candidates in Ohio's U.S. Senate campaign on Saturday argued in a second debate over different positions on taxes, immigration, gun control, climate change, the influence of money on politics and health care.

AEP Will Send Customers Some Savings From Federal Tax Cut

Oct 4, 2018
Electric cat / Wikimedia Commons

Ohio utility regulators have approved an agreement returning proceeds of the federal tax cut to customers of Columbus-based AEP.

Job seekers at one of two fulfillment centers in Central Ohio.
Esther Honig / WOSU

Ohio has been gaining jobs over the last few years, and its unemployment rate hit its lowest level in 17 years a few months ago. But there are other numbers in the state’s economic overview that raise concerns for a progressive group that reviews the economy each year on Labor Day.

Vice President Mike Pence, in front of an audience of about 400 ardent supporters of his boss, President Trump, at a downtown Cincinnati hotel ballroom, spent an hour talking about a trilogy of ideas that all made his listeners very happy.

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