Tax Roundup: 65% of Voters Believe U.S. Already in Recession

• Some 72.5 million U.S. households (40%) will pay no federal income tax this year, reports say — down from the pre-pandemic high of 60% two years ago, according to new estimates.
• Nearly two-thirds of registered U.S. voters believe the economy is currently in a recession, according to a new Politico-Morning Consult poll.
• Ohioans’ total taxable income increased $156.43 billion (72.2%) from 1999 to 2019, according to this infographic recently published by the Ohio Legislative Service Commission.
• The Buckeye Institute, a conservative think tank, has filed its reply brief with the Supreme Court of Ohio in one of five cases challenging the state’s COVID-19 law addressing local income tax withholdings for remote workers.
• In this insight, OMA Connections Partner Clark Schaefer Hackett provides guidance for businesses that amortize expenses for research and experimentation following recent Section 174 changes.
• OMA Connections Partner CliftonLarsonAllen has published this case study on how one manufacturer was granted $2.2 million in tax savings for its new facilities.

Members should note that OMA Connections Partner RSM will host a Nov. 10 webinar to review how the midterm election might impact the direction of federal and state tax policy for the next two years. Register here. 11/3/2022