(See Tax Alert 2023-1372.) Background Governor Mike DeWine signed HB 33, which, retroactive to January 1, 2023, gradually reduces the Ohio personal income tax rates over two years, collapsing the current four tax brackets to two by 2024. As under current law, those with Oh...
Ohio considered gambling winnings as taxable income, subject to state income taxes. The tax rate varies from 2.85% to 4.797%, with five different brackets, although if you earn less than $21,750 per year, you don’t have to pay this tax. You must also declare all betting winnings to th...
income by only 2.3%. The top 1% accounted for 71.9% of the overall shared income during this period.[189] The burden of income tax falls disproportionately on lower-income tax brackets. In 2018, the bottom 20% of earners contributed 12.3% of their income towards various taxes, while the ...