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Home > Blogs > Ohio politics > Archives > 2009 > November > 17 > Entry
Ohio Business Roundtable backs tax cut freeeze to balance budget
The Ohio Business Roundtable on Tuesday, Nov. 17, joined three other major business groups in endorsing a plan to close a $851 million budget hole by postponing for two years the fifth year of state income tax cuts.
The announcement came as Senate Republican continued to caucus behind closed doors in an effort to reach agreement on how to fill the budget hole. The Democratic-controlled House has approved postponing the tax cut but that reportedly is only one of several options being considered by Senate Republicans.
“We do not believe there are other responsible options that can be pursued at this time that will generate $850 million in revenue or cost savings, certainly not by the end of this calendar year at which time the state must act on the governor’s proposal,” the roundtable said in a prepared statement.
The group is a partnership of the chief executives of the state’s major businesses.
The Ohio Chamber of Commerce, the Ohio Manufacturers’ Association and the Ohio Council of Retail Merchants, previously endorsed postponing the tax cut.
The Senate plans to consider a bill cutting legislators’ pay by 5 percent separately from the bill to fill the budget hole. The pay cut was part of the House bill.
The Senate pay cut bill also calls for 5 percent cuts for the governor, lieutenant governor and members of the governor’s cabinet.
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