Kasich Talks Tax Cuts for Small Businesses
Thu, 07 Feb 2013 03:34:30 GMT —
Taking the time to tout his new budget plan in Maumee, Governor John Kasich says he's looking to create economic growth with tax cuts for almost all small businesses in Ohio.
"A lot of them are right up against the wall," said Kasich. "They don't have any extra cash."
Kasich says putting that cash back in small business owners' pockets will help them become more productive.
"It will help them to invest more in the equipment they need to be competitive, so they don't run out of business," said Kasich.
For small business owners in Northwest Ohio, it also means the opportunity to purchase new technology and make new hires.
"A dollar and a dollar and a dollar equals a lot of dollars at the end of the year," said Brian Reis, CEO of Ballreich's Potato Chips. "Every dollar we get back is something more we can spend on a new truck, a new piece of machinery, a new person."
"It's a big deal for people who are looking for jobs and it's a big deal for small businesses who need more people to help them run their business," said Gov. Kasich.
The governor estimates that a 50 percent cut on the first $750,000 of a small business owner's earnings will create a $1.9 billion surplus over the next 3 years.
"As you can see, Ohio is recovering. We're running surpluses instead of deficits," said Kasich. "And to be able to drive more economic growth through the growth of small businesses is that it's all about.
Kasich says he isn't worried about criticism that his plans are another tax break for the wealthy.
"I don't understand that argument to tell you the truth," said Kasich. "Lot of the people who've been critics were they ones who almost destroyed Ohio."
Governor Kasich's budget plan will be debated by the Ohio House this spring and then turned over to the senate. The budget must be passed by the first of July.