Columbus, OH – Rea S. Hederman Jr., executive director of the Economic Research Center at The Buckeye Institute and vice president of policy, issued the following statement on the passage of Substitute House Bill 166 by the Ohio House of Representatives.

“Today the Ohio House of Representatives passed a budget that while containing some positive policies, significantly increases government spending to levels that are unsustainable for Ohio taxpayers.

“While the House budget allows Ohioans to keep more of their money—thanks to a personal income tax cut that eliminates brackets and reduces tax rates—more pro-growth policies could have been implemented if the House had further reduced needless spending as The Buckeye Institute outlined in its Piglet Book, and returned the budget surplus to taxpayers as recommended in Sustaining Economic Growth: Tax and Budget Principles for Ohio.

“Although this budget advances good tax policy by eliminating some tax credits and loopholes for private jets and movie studios, the budget increases taxes on Ohio’s entrepreneurs and small businesses, which will slow economic growth and job creation.

“Given the budget comes at a time of economic expansion, policymakers have the perfect opportunity to pursue meaningful, sustainable pro-growth reforms that will make Ohio a national economic leader, and The Buckeye Institute stands ready to assist in identifying areas of spending that can be responsibly cut to allow for greater tax cuts and greater economic growth.”

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