On Monday, the Ohio Tax Credit Authority unanimously approved a 15-year, 75 percent job-creation tax credit worth for JPMorgan Chase. The idea is for Chase to accept the credit and bring their business and 1,150 jobs to Ohio.
“We told them we wanted to do everything we could to retain employees in Columbus and Westerville and also expand,” [Lt. Gov Lee] Fisher said. “And we were prepared to offer financial incentives, especially a job-creation tax credit.”
“Retain employees and expand”.
Thanks to a “financial incentive”.
This means the Strickland Administration understands and believes that lower taxes can help bring and retain jobs in Ohio.
And yet, in the 843 days Ted Strickland has served as Governor, he has yet to propose any kind of tax incentive at a larger scale in order to help all Ohio businesses. This despite Ohio maintaining the 4th worst business climate in the country.
Let’s make it clear for the Governor.
More businesses in Ohio means more jobs. More jobs in Ohio means more tax revenue. More tax revenue in Ohio means being more capable of satisfying the constitutional requirement of balancing the budget.
And yet, JPMorgan Chase are the ones benefiting from a tax incentive.
Ted Strickland must answer for letting Ohio fall into this hole.