Blackwell working hard for wealthy

Study: Millionaire Blackwell Supports Capital Gains Cuts That Would Benefit Wealthy, Offer Middle Class $1 in Tax Relief


Columbus, Ohio - A state capital gains tax cut supported by Ken Blackwell would only offer middle class Ohioans $1 a year, according to a study released today by the nonpartisan think tank Policy Matters Ohio.

- A state capital gains tax cut supported by Ken Blackwell would only offer middle class Ohioans $1 a year, according to a study released today by the nonpartisan think tank Policy Matters Ohio.

The study found the capital gains cut, proposed by Republicans in the Ohio legislature and backed by Mr. Blackwell, would "likely cost the state thousands of jobs, because a larger share of the tax cuts would be diverted out of state…"

Three quarters of the proposed tax cuts in the first three years would go to the wealthiest one percent of Ohioans, according to the study, which was conducted in conjunction with the nonpartisan Institute on Taxation and Economic Policy. The cuts would drain $537 million from the state budget, 1/5th of which would be sent directly to the federal government in higher federal income taxes, not returned to Ohioans. http://www.policymattersohio.org/ohio_capital_gains_tax_cut_analysis_2006_07.htm

"Ohio doesn't need a millionaire politician who is more interested in rewarding himself and his wealthy friends than working to reduce the economic burden felt by all Ohioans," said John Haseley, Strickland for Governor campaign director. "Ted Strickland has a long history of supporting middle class tax cuts like the Taxpayer Relief Act, and expanded tuition credits that benefit Ohio families."

At a time when college tuition and health care costs are skyrocketing, Mr. Blackwell opposes a minimum wage increase that would boost the income of 700,000 Ohio families. Instead, Blackwell would rather give himself and other millionaires a tax cut.

Referring to the Republican legislature's decision to hold hearings on reducing the capital gains tax, Blackwell said as much to the Columbus Dispatch: " 'I'm fully aware of what they're doing, and it's an accelerator of what I'm trying to accomplish'…Lowering the tax, Blackwell said, will help slow down the exodus of wealthy Ohioans from the state." (June 24, 2006)

"I can't say it any better than Mr. Blackwell says it himself: he's concerned about wealthy Ohioans, not working families," Haseley said. "But cutting taxes for the wealthiest Ohioans is not a substitute for a real job creation plan. Ted Strickland's Turnaround Ohio plan will make Ohioans ready for jobs and jobs ready for Ohioans by making sure we have the best educated workforce possible."
 
Blackwell's support for the capital gains cut comes after a string of reversals relating to tax issues. He recently abandoned his TEL amendment after campaigning on it for more than a year. Before the primary he said he wanted to eliminate the CAT tax; now he says it must stay.