Congressman Jim Renacci (R-Wadsworth) met with the OMA Government Affairs Committee this week. Renacci presented his comprehensive tax reform proposal to the committee. The congressman noted that the U.S. has the highest corporate tax rate in the world, constraining the economy and suppressing job growth.
Renacci would eliminate the corporate income tax, and tax pass-through entities at a rate of 0%. He would have only three personal income tax brackets, and two deductions and two credits. He would create a consumption-based business activity tax to make the package revenue neutral.
The committee meeting was hosted by committee chairman Chris Hess, Eaton Corp.’s director, Public Affairs, at the new and incredible Eaton Center campus in Beechwood. Thank you Chairman Hess and Eaton for the hospitality! 9/1/2016