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Many Ohioans Could See Small Tax Cut Under New Bill

tax form

After Congress passed its $1.5 trillion tax cut today questions remain about what the it could mean for people in Ohio.

With the standard deduction nearly doubled, Daniel Shoag, a visiting economist at Case Western Reserve University, thinks most Ohioans will see a small tax break from the bill overall.

But people with large mortgages could be hurt by an interest deduction cap at $750,000.

“Most of Ohio will fall under this cap, but there are places in Cleveland and Columbus this could bite,” Shoag said.

State and local tax deductions are also capped at $10,000.

Ohio corporations will definitely benefit from the new tax plan. The corporate tax rate plummets from 35 to 21 percent.

Mark Arehart joined the award-winning WKSU news team as its arts/culture reporter in 2017. Before coming to Northeast Ohio, Arehart hosted Morning Edition and covered the arts scene for Delaware Public Media. He previously worked for KNKX in Seattle, Kansas Public Radio, and KYUK in Bethel, Alaska.