If you’ve ever wondered what types of tax revenue make up your state government’s budget, the Tax Foundation recently compiled a breakdown of state use of property tax, sales tax, personal income tax and licenses and other taxes. The results are based on newly-released Census data.
Our home state of Ohio, for example, ranks tenth in the nation for its reliance on personal income tax, which makes up 30 percent of its total revenue. Other taxes include general sales tax at 20 percent, selective sales tax at 11 percent, corporate income tax at 1.9 percent and licenses and other taxes at 7.5 percent.
Tags: Ohio tax