This morning, Scioto Analysis released a new analysis of a bill in the Ohio legislature to tax 100% of income of all Ohio residents.
“All in all, we find this bill to have benefits that far exceed the costs,” said Scioto Analysis Principal Rob Moore, “while we know there are sensitive political considerations to passing a bill like this, we hope policymakers will consider the evidence behind the proposal when making the decision to pass this bill.”
Scioto Analysis analyzed the 100% income tax on the dimensions of economic growth, poverty and inequality impact, and impact on health, education, and subjective well-being.
“Yes, our projections suggest that the 100% income tax would reduce the number of dollars in the economy,” said Moore, “but this would free up a lot of time for other pursuits such as sunbathing, catching butterflies, and improvisational comedy. These are all activities that we know have massive benefits for the public from a long line of economic research.”
The latest coverage of the bill is that the proposal is being wrapped into the current budget bill. Members of the Ohio General Assembly are hoping to pass the bill in full before it gets bogged down in public discussion, shooting for a deadline of April 1st.