GOP tax plan

Congressional Budget Office charts
CONGRESSIONAL BUDGET OFFICE

Ohio Sen. Rob Portman – a deficit hawk during the Obama administration – says a new Congressional Budget Office report underestimates economic growth and overestimates the national debt over the next 30 years. 

Portman says economic growth has well outstripped the projections from as little as six months ago, and he’s confident that will continue if GOP tax cuts become permanent. If that happens, Portman says he doesn’t buy Congressional Budget Office projections that the national debt will hit historically high levels by 2028.

photo of Gov. Kasich signing executive order
STATEHOUSE NEWS BUREAU

A new poll shows most Ohioans oppose higher tariffs on steel and aluminum in general, but support them on products coming from China -- unless it raises the price of things they buy or hurts sales of American-made products overseas.

photo of President Donald Trump
WHITE HOUSE

Over the weekend, President Trump made his second visit to Northeast Ohio in less than two months. While in Cleveland, he met with Republican donors, talked about tax cuts passed last year, and endorsed Republican Senate hopeful Jim Renacci.

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Perry Nuclear plant
TIM RUDELL / WKSU

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TIM RUDELL / WKSU

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Summit County Fiscal Office
Summit County

Local property tax offices throughout Ohio have been inundated this week by attempts to pay 2018 real estate taxes early. But an IRS ruling yesterday may have abruptly changed that – and sown more confusion.

The tax bill signed by President Trump last week caps property-tax deductions beginning next year. So homeowners have been paying first-half real estate taxes this week to get the deduction on this year’s taxes.

But the IRS now   says people can only get deductions if actual tax bills have been assessed, something that doesn’t happen in Ohio until next month.

Drilling Rig
Tim Rudell / WKSU

The federal tax overhaul Congress passed earlier this month includes a provision that has many environmental advocates concerned.

The tax bill included a provision that lifted the ban on drilling in the Arctic National Wildlife Refuge, which is home to rare species such as muskoxen, arctic wolves and caribou.

Collin O’Mara with the National Wildlife Federation says there’s popular support for protecting ANWR, and he fears Congress will start chipping away at environmental concerns through provisions in bigger bills.

photo of Sen. Rob Portman and Sen. Sherrod Brown
STATEHOUSE NEWS BUREAU

The U.S. House and Senate have passed the most sweeping tax overhaul in decades, with the bill splitting down party lines. Democratic U.S. Sen. Sherrod Brown contends that this primarily benefits the rich and will ballon the deficit, while his Republican counterpart Rob Portman argues that this can help pay down the deficit in the long run.

“It’s just morally outrageous, the whole thing.”

Manufacturing
WIKIMEDIA / WIKIMEDIA

The GOP tax plan isn't done yet, but tax-policy experts are already predicting benefits for Ohio manufacturers.

Economists always hedge a little when it comes to predicting the future. 

Mark Sniderman is a former policy advisor at the Federal Reserve Bank of Cleveland. What he is willing to say is, “I see some benefits from the tax reform over the next couple of years, but then I see those benefits kind of gradually fading out."

Bernie Sanders Rallies Opponents of GOP Tax Plan in Akron

Dec 3, 2017
photo of Bernie Sanders in Akron
PHILIP DE OLIVEIRA / WKSU

Vermont U.S. Sen. Bernie Sanders made two stops in Ohio over the weekend as part of his "Protecting Working Families Tour" to condemn the GOP tax plan that passed the Senate early Saturday morning.

Former Ohio Sen. Nina Turner addressed a crowd in downtown Akron Saturday night before Bernie Sanders took the stage. That followed another joint appearance in Dayton and a livestream address by Sanders to a crowd in Louisville, Ky.

stock photo of open books on table
PEXELS

When federal lawmakers return to Washington today, they’ll continue working on tax reform. StateImpact Ohio’s Ashton Marra reports the GOP plan includes a provision that supporters say would expand school choice options.

Both the House and Senate tax reform proposals include changes to the 529 college savings plan. 529s are tax-free investment accounts that are limited to paying for college expenses. GOP lawmakers want to expand their use allowing families to use up to $10,000 a year per account for K-12 private schools.

photo of Steve Mnuchin
KAREN KASLER / STATEHOUSE NEWS BUREAU

The Treasury Secretary came to Columbus to promote Republican lawmakers’ $1.5 trillion tax reform plan, which they say will grow the economy, make the tax code simpler and create a middle-class tax cut. Not everyone agrees.

Protestors were waiting for Steve Mnuchin, led by Ohio Democratic Party Chair David Pepper, who said Ohio has trailed the national recovery for 57 months and suffered with stagnant wages for decades.

photo of Steve Mnuchin
WIKIMEDIA COMMONS

The White House is sending Treasury Secretary Steve Mnuchin to Columbus, where he’ll make a case for the GOP tax plan.  

Steve Mnuchin will speak at the Ohio Council of Retail Merchants' annual luncheon at the Athletic Club of Columbus.

Mnuchin will discuss the tax reform bill's impact on the country's economy. National Retail Federation President Matthew Shay will moderate the conversation.