Many Ohioans Could See Small Tax Cut Under New Bill
After Congress passed its $1.5 trillion tax cut today questions remain about what the it could mean for people in Ohio.
With the standard deduction nearly doubled, Daniel Shoag, a visiting economist at Case Western Reserve University, thinks most Ohioans will see a small tax break from the bill overall.
But people with large mortgages could be hurt by an interest deduction cap at $750,000.
“Most of Ohio will fall under this cap, but there are places in Cleveland and Columbus this could bite,” Shoag said.
State and local tax deductions are also capped at $10,000.
Ohio corporations will definitely benefit from the new tax plan. The corporate tax rate plummets from 35 to 21 percent.