Thursday, October 14, 2010

Former St. Rep. Young Receives “For Good Government Award”

Mentor, OH—The United Conservatives of Ohio (UCO) has awarded former State Rep. Ron Young (R-Mentor) the “For Good Government Chairman’s Award” today for “spearheading a successful effort in 2002, to protect taxpayers from income tax increases resulting from inflationary impacts of bracket creep,” wrote UCO Chairman Ron Amstutz in a letter to Young.

Bracket creep is the tendency for individuals’ incomes to creep into a higher tax bracket because of nominal increases in income, even when the real value of that income has not increased. The periodic adjustment of tax brackets for inflation is known as “indexing,” which is designed to prevent bracket creep from occurring.

“I am honored and humbled to be recognized for this effort,” said Young. “Lawmakers should always strive to improve state government and minimize the impact on the taxpayers, and I think that my efforts to introduce legislation in 2002 provided that vital step.”

The income tax indexing provision was ultimately enacted in 2002 as an amendment to a budget measure and was scheduled to begin in 2005. However, House Bill 66 of the 126th General Assembly delayed the indexing until 2010. When unveiled again in August of this year, the Ohio Department of Taxation lauded this measure as “a move that will save Ohioans an estimated $25 million annually starting with the returns due next spring.”