Republican Governance -- Any Revenue Surplus = Tax Cuts for Rich

[Schmajo]

7/14/06
http://www.dispatch.com/news/news.php?story=dispatch/2006/07/14/20060714-A1-03.html

“The state’s rainy-day fund has topped $1 billion for the first time since 2001, and some Ohio Republicans are celebrating by looking for ways to cut taxes.

The state yesterday transferred $394 million into the fund, which helps handle budget shortfalls or emergencies without increasing taxes or cutting spending. The fund was drained four years ago when lawmakers were forced to fill a number of gaps in the budget.
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It also has House Republicans talking about cutting Ohio’s capital-gains tax, paid mainly by the wealthy. On Wednesday, a revamped House Ways and Means Committee will begin hearing a proposal to cut state investment taxes over three years starting in 2008, to a maximum 3 percent rate in 2010.
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Some House Republicans also want the bill to cut or eliminate Ohio’s estate tax, currently paid on estates valued at more than $338,333. The tax is widely despised by Republicans who often refer to it as the 'death tax,' but because 80 percent of it goes to municipalities and townships, it’s difficult to eliminate.
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