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Ohio Governor Kasich, an advocate of repealing the state’s personal income tax, now apparently thinks that if the full income tax can’t be repealed, then he should make the tax as generous as possible to wealthy Ohioans. There are reports that the Governor wants to introduce a tax break for capital gains income. He said recently, “We can’t tax ourselves to prosperity. We need to get the mojo back.”
Kasich should read ITEP’s report on capital gains taxation, which explains that tax breaks for capital gains are an ineffective strategy for economic development.