Small Business Welcome Income Tax Cuts

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The plan from Gov. John Kasich would reportedly increase taxes for natural gas drilling companies to allow cuts to Ohio's personal income tax.(Photo: ihrigmr (Flickr))
The plan from Gov. John Kasich would reportedly increase taxes for natural gas drilling companies to allow cuts to Ohio's personal income tax.(Photo: ihrigmr (Flickr))

Ohioans could be in line for yet another cut in the state income tax.

The plan from Governor John Kasich would reportedly be funded by a tax hike on natural gas liquids. That fuel was once trapped inside underground shale, but with new drilling techniques, Ohio’s oil and gas industry believes it’s at the beginning of a drilling boom.

Click the play button above to hear reaction from small businesses, as well as conservative and left-leaning activists.

Comments
  • Anonymous

    Can Kasich be trusted on any economic plan after the Lehman Bros. nonsense where he was huckstering junk investments for state pension fund investments? The Marcellus Shale gas reserves have all ready been cut by 70% by the Energy Dept and the Colorado School of Mines warns that the reserves are vastly over rated. The prospects for employment, in respect to the PA example, is that Ohio will, at best, see 10,000 jobs from the natural gas sector. On top of that, Chesapeake Energy is a corporation more in the model of Enron than Exxon. It is a land acquisition corp that is funded by kiting junk bonds and selling energy futures. They operate by acquiring the lease rights on huge property spreads, drilling a few test wells, and then selling the rights for 5x or 10x what they paid the state. One of their prime customers in Oklahoma and Texas has been the Chinese who have bought the energy futures and then exported the gas to China. And the environmental damage, where a blowout (like the BP gulf explosion) took place in PA, can be catastrophic in water table contamination and fugitive methane gas release. There is no reason to jump the gun on this industry and declare it an economic miracle. Kasich’s last economic panacea cost the Ohio pension fund considerably.