US Ohio Tax Law
A famous and permanently relevant famous United States proverb says that nothing is certain in this life except death and taxes. In particular taxes in the state of Ohio are as certain as in any other state of the United States of America. Having compared and contrasted the tax policy of Ohio and of the other states of the United States it became evident that the tax payment of this state are indeed the most business friendly, especially as far as the preferences for the small and middle-scale business are concerned.
The aim of this paper is to provide an analysis of the tax situation in Ohio in contrast and comparison with the two neighboring states – Indiana and Kentucky, to identify and to outline the major sources of the tax revenues, to discuss the tax burdens of the major tax bearers and to evaluate the projected solutions and remedies of the situation.
Major Revenues of the State
Having conducted a close analysis of the statements issued by the Internal Revenue System and its local department it became evident that the major taxpayers of the Ohio state are the big corporations, which are engaged in the media, agricultural, IT, logistics and other highly profitable industry areas. It is natural and logical from the purely financial standpoints to assume that approximately 55% of the state budget is illed by means of imposing taxes on the corporate giants. To illustrate, the amount of the taxes levied for the toxic dumps were accorded with the provisions of the Kyoto Protocol and nowadays the companies which detriment the natural ambience of the Ohio State in a great extent do have to pay extra to assure that the negative impact they inflict will be prospectively remedied by means of appropriate funds allocation among the environmentally protective agencies.
Comparison and Contrasting with Neighboring
As far as the comparison and contrasting with the neighboring states is concerned I have made my choice on the states of Kentucky and Indiana, as the states which possess the similar field of economy, and which size is comparable to the size of Ohio itself, density of population and other geographical issues are almost similar.
The main difference between the states is the fact that if the local budgets of the Kentucky and Indiana are primarily filled by the middle-scale business tax payers and by the individual tax payers, the local budget of the Ohio state is filled by means of imposing extra fiscal duties on the large corporations. my firm opinion is that this fiscal activity is friendly for the business climate in the area, as it provides a brilliant opportunity for the beginning companies to get actively engaged in the business cycle of the state.
It shall be also highlighted that in relation to the commonalities of the taxation policy, it shall be noted that state and local-state tax funds are filled almost identically in all three states. In particular, the amounts are proportionally. This ratio ( the major part by the corporations, then sole proprietors and the latest category individual tax payers) is almost similar for all three regarded states.
The proposal and the Implications of the Proposal
In the light of the devastations inflicted by the Sandy natural calamity it does seem to be relevant to incorporate the amendments into the tax codes of all states, not only to those, which have been harmed by the hurricane in question. It shall be legally guaranteed that the individuals and the corporations which suffered from the natural calamities of such scale be partially or fully exempted from the tax burdens in the affected areas. Considering the fact that these changes are adopted, the corporate , the individual and the payroll tax payers will be able to weather the storm and to keep afloat whereas their financial environment do seem to be completely or partially ruined.