University of Toledo and Ohio State University cite “concerns” with GOP tax bill
Washington, D.C. – Congresswoman Marcy Kaptur (OH-09) today released two letters from the University of Toledo and The Ohio State University, both citing many concerns with the Republican tax bill in its current form. You can view the University of Toledo letter here and The Ohio State University letter here.
“With major universities in Ohio joining the chorus of many other groups worried about teachers, students, seniors and middle-class families, it is imperative that the Republican-controlled Congress reverse course on this wrongheaded tax proposal,” said Kaptur. “Let’s instead focus on real reform that doesn’t sell out our future.”
How does the GOP tax plan impact Ohio?
A recent state-by-state assessment, by the non-partisan Institute on Taxation and Economic Policy that shows under the proposed Republican tax plan, 440,000 Ohio households that earn less than $83,750 will see a tax hike averaging $710. The ITEP analysis shows that nationally, the GOP proposal will raise taxes on more than 22 million households earning $150,500 or less.
House Republicans are proposing lowering the corporate tax rate from 35 percent to 20 percent and eliminating parts of the state and local income tax deduction, which about one out of every four Ohioans utilize, with an average deduction of $10,444 (more about this can be seen here). The GOP bill imposes a new cap on the mortgage interest deduction that hurts future homebuyers and drives down home values, eliminates the student loan interest deduction and critical job training credits, and eliminate the vital medical expense deduction relied on by 9 million families with sick children and by seniors with long-term care needs.
Kaptur is one of the few Members of Congress who voted no on the 1986 tax agreement, citing a deal that contained tax cuts for the rich without any requirements that major corporations do not ship jobs overseas. She called the move “a bad deal then and a bad deal now.”
Kaptur is the senior Democrat on the House Appropriations Committee which controls spending.