That’s what the term “tax cut” really means. Not, “they’re giving us our money back” or “they should spend it somewhere else”. We give our money to the government, when they don’t use it all, they should return it, not find new ways to spend it.
Rather than transferring money from an expected budget surplus to the state's Rainy Day Fund, Ohio is returning money to residents by speeding up income tax cuts.
Beginning Oct. 1, the Ohio Department of Taxation will cut personal income tax rates by 8.4 percent, double the annual amount called for in the tax reform package instituted last July.
The cut would be in addition to a 4.2 percent cut in tax rates in January. Ohio's tax reform package called for a 21 percent income tax cut phased in over five years.
According to a release from Ohio Gov. Bob Taft, the 8.4 percent cut would average about $390 per Ohioan.