Study: Ohio’s Top Tax Rate on Personal Income Would Exceed 59% Under ‘Build Back Better’ Framework

According to an analysis by the non-partisan Tax Foundation, the U.S. would have the highest personal income tax burden in the developed world should the latest version of the so-called “Build Back Better Act” — a $1.75 trillion social spending plan — become law.

According to the study, the average top tax rate on personal income (when combining federal and state taxes) would reach 57.4% by 2026, when the 2017 tax reform expires. Ohio’s top rate would exceed 59%.

Meanwhile, the Foundation says the social spending plan would cost the U.S. more in economic losses than it would produce in new federal revenue. The U.S. Chamber says the plan uses “gimmicks to cover up well over $1 trillion in spending” and questions what impact it could have on labor force participation. 11/10/2021