The centerpiece of Gov. John Kasich's second two-year budget plan is an overhaul of the state's tax code.
The governor estimates this is going to be a $1.4 billion tax cut for Ohioans. Those who are trying to help grow the local economy say the governor's proposal should have a very positive impact for the business climate.
"Our taxes are too high and they are too high particularly as they effect small businesses' ability to pay," said Kasich.
Kasich says because the state's rainy day fund is growing, Ohio's in a position to drastically cut income tax rates.
The governor's two-year budget proposal calls for reducing the state tax rate on most small businesses by 50 percent. It also calls for cuts to income tax statewide by 20 percent over the next three years.
"About 50 percent of the jobs in this state are created by small businesses and we want to do everything we can to encourage job growth in small businesses," said Kasich.
The head of the Toledo Regional Chamber of Commerce applauds the governor's plan to slash taxes to try to ignite job growth across the state.
"We have to keep driving to make our state cost-effective to do business.Iif people aren't finding our state good to do business in, then guess what: there's no jobs," said Mark V'Soske.
Ford Weber, head of the Lucas County Economic Development Corporation says lowering the tax burden will increase the chances for local economy to grow.
"Local businesses are always looking to be in a more favorable tax climate because the less money government takes out of their net revenue at the end of the day, the more money they have to reinvest and create more jobs and expand their businesses," explained Weber.
The governor's plan now heads to the General Assembly for consideration and approval.
Tuesday, September 2 2014 5:28 PM EDT2014-09-02 21:28:36 GMT
The search is over for the missing Mississippi 17-year-old at the center of the weekend Amber Alert. Katelyn Beard's body was found Tuesday before noon, off of Darden road, near the scene of a morningMore >>
The coroner said her body had been dumped for at least two days, and she was shot in the head.More >>
Tuesday, September 2 2014 2:22 PM EDT2014-09-02 18:22:45 GMT
The Mississippi Highway Patrol has issued an Amber Alert for 17-year-old Katelyn Beard. She was abducted Saturday morning from between 6:00 a.m. and 7:00 a.m. from 4244 Lynda Street in Jackson. BeardMore >>
Katelyn Beard's body was found during a search by local law enforcement Tuesday morning. More >>
Thursday, August 28 2014 9:33 AM EDT2014-08-28 13:33:06 GMT
SPARTANBURG COUNT, SC (WYFF) - Fifteen children living in a double-wide trailer were put into protective custody and seven adults were arrested, according to the Spartanburg County Sheriff's Office. DeputiesMore >>
Fifteen children living in a double-wide trailer were put into protective custody and seven adults were arrested, according to the Spartanburg County Sheriff's Office.More >>
Tuesday, September 2 2014 5:21 PM EDT2014-09-02 21:21:05 GMT
Tracy Lynn Garner is being sentenced, Tuesday, in connection to illicit silicone buttocks injections that led to an Atlanta woman's death. Garner was convicted Friday evening after the jury deliberatedMore >>
Garner was convicted Friday evening after the jury deliberated for about five hours.More >>
Tuesday, September 2 2014 10:07 AM EDT2014-09-02 14:07:52 GMT
Labor Day weekend has a special significance for alligator hunters in Mississippi. A few days into the start of this year's hunting season, a record-setting 756-pound gator was caught by Robert MahaffeyMore >>
Labor Day weekend has a special significance for alligator hunters in Mississippi. A few days into the start of this year's hunting season, a record-setting 756-pound gator was caught by Robert Mahaffey of Brandon in the first weekend of the season.More >>
Tuesday, September 2 2014 5:52 PM EDT2014-09-02 21:52:16 GMT
(WMC) – Memphis police are the scene of a shooting where a woman was possibly shot in the head. This happened in the 900 block of East Raines Road, near Elvis Presley Boulevard on Tuesday morning. ThisMore >>
A Memphis mother of two was shot and killed by her estranged husband outside a Whitehaven day care center Tuesday morning. More >>
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