On Point Accounting & Tax

Mary Taylor wants to reduce the size of state income tax form to a postcard.

Lt. Gov. Mary Taylor wants to deliver a “simpler, streamlined, customer-focused tax system” for Ohio taxpayers.

The Republican gubernatorial candidate proposed changes to the state’s tax system on Wednesday in remarks to the tax committee of the Toledo Regional Chamber of Commerce.

Noting the Kasich-Taylor administration has reduced taxes by about $5 billion over the past six years, Taylor proposed:

‒ Reducing the state income tax form to the size of a postcard. The 2016 individual income tax form could run 11 pages long with 60 pages of instructions and a simpler filing system will save both taxpayers and the state money, she said. Taylor shared no details how that would happen. “Some of the detail of the mechanics will continue to be fleshed out working with stakeholders and other tax experts,” said campaign spokesman Michael Duchesne.

‒ Adjusting income tax withholding tables to allow Ohioans to keep more of their money as they are paid. Current tables withhold about 20 percent more than needed to cover tax liabilities, extending an interest-free loan to the state, Taylor said. Such an adjustment would result in smaller refunds when Ohioans file their taxes.

‒ Changing policies to not punish Ohioans with interest and penalties for tax errors when they make “good-faith efforts” to comply.

‒ Creating a “taxpayer advocacy office,” independent of the Department of Taxation, to help Ohioans comply with tax laws and advocate for changes when taxpayers are treated unfairly.

“I’m excited about this proposal as it directly affects the bottom line for Ohio families whose concerns have become my calling,” said Taylor, a CPA and former state auditor. “This is an effort to get the tax system out of the way of creating jobs.”

Attorney General Mike DeWine, Secretary of State Jon Husted and U.S. Rep. Jim Renacci, R-Wadsworth, also are running for the GOP nomination for governor in the May 8 primary next year.

Source :htttp://www.indeonline.com