Taxation
According to the Small Business & Entrepreneunership Council, Ohio's top personal income tax rate of 5.925% ranks #27 as of 2009. The rate has been steadily declining since the 2005 tax reform, dropping from $11,506.20 + 7.5% of excess over $200,000 in 2004 to $9,090 + 5.925% of excess over $200,000 in 2009. The top personal capital gains rate is 5.925%, ranking #30, while the top corporate tax rate is 1.9%, ranking #6, and the top corporate capital gains rate is also ranked #6 at 1.9%. Ohio is #30 in average property taxes at 3.3% of personal income, but the taxes vary by city and district. The state is #14 in overall average percentage of income used for sales, excise, and gross receipt taxes at 2.96%.
Below are the simple personal income tax rates for Ohio:
| Income range | Tax rate per dollar earned |
|---|---|
| $0–$5000 | 0.587% |
| $5001–$10000 | $29.35 + 1.174% of excess of $5,000 |
| $10001-$15000 | $88.05 + 2.348% of excess over $10,000 |
| $15001-$20000 | $205.45 + 2.935% of excess over $15,000 |
| $20001-$40000 | $352.20 + 3.521% of excess over $20,000 |
| $40001-$80000 | $1,056.40 + 4.109% of excess over $40,000 |
| $80001-$100000 | $2,700 + 4.695% of excess over $80,000 |
| $100001-$200000 | $3,639 + 5.451% of excess over $100,000 |
| $200001 or more | $9,090 + 5.925% of excess over $200,000 |
Read more about this topic: Economy Of Ohio
Famous quotes containing the word taxation:
“Every diminution of the public burdens arising from taxation gives to individual enterprise increased power and furnishes to all the members of our happy confederacy new motives for patriotic affection and support.”
—Andrew Jackson (1767–1845)
“The Government is able to afford a suitable army and a suitable navy. It may maintain them without the slightest danger to the Republic or the cause of free institutions, and fear of additional taxation ought not to change a proper policy in this regard.”
—William Howard Taft (1857–1930)
“Whether talking about addiction, taxation [on cigarettes] or education [about smoking], there is always at the center of the conversation an essential conundrum: How come we’re selling this deadly stuff anyway?”
—Anna Quindlen (b. 1952)