State
Representative Richard Adams
State
Budget Signed into Law
In
May, Ohio experienced its highest monthly
job creation numbers since February 1999. Ohio was also the top job
creator in
the country that month, creating more than 32,000 jobs. Those were part
of the
more than 170,000 private sector jobs that have been created inside our
borders
in the last two-and-a-half years. With more people working and an
economy
continuing to steadily improve, there was more money coming into the
state
coffers at existing rates of taxation.
From
the beginning of the budget process,
Governor Kasich made it clear—and I agreed with him—that money should
be kept
in the hands of Ohioans, to be spent, invested or saved the way that
they
desire. In response to that vision, the final product of the state’s
two-year
operating budget included a net $2.7 billion income tax
reduction. This
action is expected to help stimulate the economy and promote Ohio’s
economic
recovery.
The
income tax cut was one of many tax reforms
that were aimed at rewarding hard work and simplifying the state’s tax
code.
Tax money needs to come from somewhere, but the goal and responsibility
of
legislators is to strive to find a system that is fair and that
encourages
economic growth. With substantial cuts to the income tax and a slight
increase
in the sales tax, people have more control over the taxes they pay
because they
are taxed based on their spending behavior, rather than on their work
ethic or
success.
Education
was another major focus area, with
nearly one-third of the budget allocated to K-12 schools. Under the
proposal,
no school district is receiving less funding than a year ago and in
fact 80
percent of Ohio students will be attending school districts that are
receiving
increases in state funding.
Governor
Kasich also recently announced that
the state’s reserve fund—commonly called the “rainy day fund”—now
contains
$1.48 billion. It is necessary to have reserve funds on hand should
Ohio face
an economic downturn and need to fund schools, local governments and
other
public programs during tough times. Just three years ago, Ohio’s rainy
day fund
held less than a dollar, which is indicative of the challenge of
balancing the
state budget two years ago.
Nothing
in the state budget—or any bill for
that matter—is possible without jobs being created and filled.
Therefore, the
goal at the Statehouse remains finding ways to encourage private sector
growth
and making it easier for businesses and individuals to succeed.
Rep.
Richard Adams may be reached by
calling (614)
466-8114, emailing Rep80@ohiohouse.gov,
or writing to State Rep. Richard Adams,
77 South High Street, Columbus, Ohio 43215.
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