Ohio Based Report Shows Tax Disparities
Groups Urge Senator Portman to Protect the Middle Class, Tax the 1%
It’s time that the millionaires pay their fair share!
COLUMBUS, OH – Anticipating a key Congressional vote on the Buffet rule today, Brian Rothenberg from ProgressOhio, Janetta King from Innovation Ohio, and Pat Frost Brooks, President from the Ohio Education Association were joined by middle and working class Ohioans and released an Ohio based report on the impact of tax dodging millionaires on Ohioans.
Innovation Ohio, in collaboration with the Center for American Progress, has done an analysis of federal tax data. Among the highlights of their findings are:
In seven of the wealthiest zip codes in America—a list that includes such exclusive destinations as Fisher Island in Florida and Wyoming’s Teton Village, 27% of taxpayers earn 94% of the income–$2.2 million annually, on average—and pay a combined effective tax rate on their income of just 17.2 percent.
99% of Ohioans live in zip codes where the average tax rate is higher than 17.2%.
The average Ohio taxpayer, who earned an average of $49,043 in 2008, pays a total effective tax rate of 21.5%.
Two-thirds of Ohio taxpayers live in zip codes where average income is below $50,000, but tax rates are above 17.2%.
63% of Ohio taxpayers live in zip codes where the average tax rate is higher than it is in any of the seven “ritzy” zip codes that are among America’s wealthiest.
“The Buffet Rule fixes our unfairly skewed tax code so that millionaires and billionaires pay at least the same share of their income in taxes as middle-class families. The information released today shows that it is time that Senator Portman to do the right thing and vote for the Buffett Rule,” said Brian Rothenberg, Executive Director, ProgressOhio.
The Buffett Rule would make it so that Americans who earn $1 million a year or more would be subject to a 30% tax rate. The U.S. Senate is scheduled to vote on the Buffett Rule on Monday, April 16, the day before millions of working Americans must file their federal income taxes.
Fight for a Fair Economy and Working America will both be holding events around the state on Tax Day. See below for a detailed listing of events in your area.