Inflation-adjusted incomes of the top 1 percent of Ohio taxpayers grew 70 percent between 1979 and 2011, but the average real income for the rest fell 7.7 percent. The average real income of Ohioans in the top 1 percent grew by 111.2 percent between 1979 and 2007, nearly 10 times as much as that of the other 99 percent. During that period ending before the recent recession, the top 1 percent captured almost half of the income gains.
A drilling rig near Kennedy, Texas, in the Eagle Ford Shale region.
CREDIT: AP Photo/Eric Gay
With more than 7,000 oil and gas wells and 5,500 more already approved, the Eagle Ford shale play in Texas is one of the most active drilling sites in the nation. But according to a new investigation, Texas is failing to adequately monitor the site’s emissions, which is leading to health concerns for nearby residents.
After the General Assembly raised the top income-tax rate to 7.5 percent in 1992 the state generated more than 100,000 jobs in each of the following three years. Compare that with the 25,600 jobs Ohio gained during 2013, the 40,300 in 2012, and the 77,600 in 2011. Tax levels are not the main thing driving job growth, and tax cuts that disproportionately benefit the most affluent Ohioans are especially inappropriate in light of growing inequality.