Latest news with #JonHusted
Yahoo
3 days ago
- Business
- Yahoo
Estate tax repeal pending in Congress raises debate over charity, wealth gap
Jun. 3—A proposed repeal of the federal estate tax has advocates arguing about whether it would be a long-overdue fix for small business owners and farmers, or an unnecessary move widening the gap between the haves and have nots even further. Both U.S. Senators from Ohio are sponsors of the Death Tax Repeal Act of 2025, introduced by Republicans in the U.S. House and Senate, to eliminate the so-called death tax that is part of the federal gift and estate tax system. "Ohio's family small business owners and farmers spend a lifetime feeding and fueling our nation, and they often hope to pass down their businesses to the next generation. I'm supporting this bill to give hardworking families and farmers relief from the costly tax burden that makes it hard — or even impossible — for them to provide for our communities for generations," said U.S. Sen. Jon Husted, R-Ohio, in a prepared statement. Opponents say a proposed repeal of the federal estate tax would create broader wealth disparity, discourage charitable bequests and would not benefit the vast majority of Americans. As of Monday, versions of the bill were in the House Ways and Means committee and the Senate Finance Committee. The rhetoric around the legislation talks about farmers and small businesses, but a lot of the provisions touted have such high caps that they also help quite large estates, said Blaine Saito, an associate professor at Ohio State University's Moritz College of Law whose focus is on how tax law shapes social policy, the management of the tax system and tax law's interaction with democratic ideals. 2025 individual exemption is $13.99M Most Americans never pay any gift or estate tax. In 2025, the exemption is $13.99 million for individuals and $27.98 million for married couples. The higher exemption of the 2017 Tax Cuts and Jobs Act ends this year and will return to the base of $5 million plus an inflation adjustment for individuals. The One Big Beautiful Bill Act proposes increasing the federal estate tax exemption to $15 million a year for an individual, adjusted for inflation, and to make it permanent beginning in 2026. "A full repeal, or even a very high exemption amount would benefit those with a lot of wealth that they can pass on to their heirs, generally the very wealthy people in society," Saito said. Even the lower exemption rate is not likely to reach most family-owned small businesses and farms that fall below that threshold, he said. The estate and gift tax dates to 1916 after President Theodore Roosevelt sought to break up large family trusts and end the excesses of the Gilded Age. "Repealing the estate and gift tax would be one way of getting back toward large transfers of inherited wealth and further wealth disparities," Saito said. Tariffs more pressing concern to business owner Bill Castro, partner and general manager for El Meson, his family's Hispanic-fusion restaurant featuring dishes inspired by cuisine across Spain, the Caribbean and Americas, said he doesn't know what to think about a possible permanent repeal of the so-called death tax. Three generations of the Castro family work at El Meson at 960 E. Dixie Drive in West Carrollton, founded by Castro's parents. "I worry every day to pay my payroll, I worry every day to keep my staff working," he said, as many patrons are cash-strapped and dining out less often or only for special occasions. For Mother's Day, El Meson had more reservations than usual, but it was offset by food prices that doubled. "My level of reservations have increased but my level of profitability has decreased," he said. If they want to help small businesses, Castro said lawmakers should consider not taxing server tips and doing something about the economy, particularly the tariffs that have led to escalating prices and financial concerns. "These other issues are current, affecting us every day," he said. Estate taxes can harm farmers Harlan Twp. Trustee Ed Porginski, who owns Sugar Run Farms near Morrow in Warren County, said he supports a repeal of the federal estate tax. Similarly, he supported state lawmakers who permanently repealed Ohio's state-level version of the estate tax about a dozen years ago. He raises cattle, pigs and grows crops, but mostly his business is selling beef for the freezer. He said it's unlikely any of his three children will want to take over the family farm. One of his sons raises cattle on his own property, another son is a paramedic and he doesn't think his daughter is interested, though she runs the farm's website and social media for her parents. His support for the estate tax repeal comes from watching people he knew destroyed after losing their livelihood and farm near Mason where their family lived for generations when their parents, at about age 70, were both killed in a plane crash. "They lost that farm, they couldn't pay their tax," Porginski said. "That was the first time I was introduced to that. That hit really close to home." Tax exemption affects charitable giving In 2024, the U.S. Treasury collected approximately $33 billion in estate and gift tax revenues from only about 0.1% of estates that had to pay the tax, according to the Tax Policy Center of the Urban Institute and Brookings Institution, a nonprofit, nonpartisan think tank. Tax law change has led U.S. charitable giving to drop by billions a year since 2018. Bequests fell by about $20 billion in 2018, the first year the higher estate and giving tax exemption took effect, according to a study by researchers at Indiana University and the University of Notre Dame. The federal estate and gift tax, which imposes a tax rate up to 40% outside the exclusion, encourages charitable contributions by allowing dollar-for-dollar deductions for bequests. "Despite repeated claims to the contrary, there is little evidence that wealth transfer taxes reduce capital accumulation or efficiency, and they certainly can be structured in ways that take account of the special considerations raised by small businesses or family farms," Brookings said. Saito agreed, and said that measures that help small businesses and family farms include allowing deductions for the full cost of capital. Brookings advocates an inheritance tax instead of an estate tax. An inheritance tax would correct the unfairness of taxing income from work, saving, or even a lottery win, but leaving inheritances untaxed. "Our estimates show that inheritance taxes not only can raise more revenue and be more progressive than the existing estate tax, they can also broaden the income tax base, improve equity and raise economic mobility," the institution said.
Yahoo
29-05-2025
- General
- Yahoo
EDITORIAL: Jamie Herrmann: Flipping the script on aging
May 29—Every May, the Area Agency on Aging District 7 (AAA7) joins the nation in the observance of Older Americans Month, a time to recognize older Americans' contributions, highlight aging trends, and reaffirm commitments to serving older adults in our communities. The 2025 theme for Older Americans Month is "Flip the Script on Aging," which focuses on transforming how society perceives, talks about, and approaches aging. Older Americans enrich our communities with their strength, wisdom, and diverse life experiences. In recognition of Older Americans Month, the AAA7 has met this month with County Commissioners in all ten of the counties in our service area. Each county signed a proclamation declaring May 2025 Older Americans Month and encouraged residents to join them in recognizing the value they bring to each of our communities. Unfortunately, our time for celebration is over-shadowed by the concerns regarding potential federal policy changes and funding cuts that would impact services for our older adults. Currently, there is a draft Health and Human Services (HHS) budget that, if approved, would result in the drastic reduction or elimination of some Older Americans Act (OAA) programs that are provided through our Agency and local providers. Programs such as wellness classes, nutrition services, etc. It also poses a threat to our Ombudsman Program responsible for advocating and protecting the rights of older adults in long-term care settings. The U.S. House of Representatives recently passed a reconciliation bill that institutes significant cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP). It is now up to the Senate to protect these vital services and supports for older Ohioans. Medicaid is the largest payer of long-term services and supports and the largest provider of home and community-based services (HCBS). Cutting Medicaid HCBS will ultimately lead to more older adults going into nursing homes, which are the more expensive option for long-term care. SNAP is a vital support for older adults across the state as a nutritious diet plays a significant role in promoting health, healing and well-being. According to the Congressional Budget Office, the proposed changes and cuts to SNAP could force millions of people off the program, including many older adults who rely on the program to eat. To be proactive, we have created a template that you can use to help craft a message that can be sent along to our federal legislators. Together, we can let our elected officials know that we value these programs and want to make sure they continue providing valuable services and supports for many years to come. For the template letter that includes more information and details, in addition to contact information for Ohio Senators Bernie Moreno and Jon Husted, and Congressman David Taylor, visit our website at under the "Happening Now" section. To find out more about AAA7 and all the programs we offer to help support individuals needing long-term care services and supports in their home and community, contact us at 1-800-582-7277 or email info@ Jamie Herrmann is the executive director of Area Agency on Aging District 7. You Might Like Opinion MJ Wixsom: Warm days bring out the ticks News Ashland woman killed in UTV accident Obituaries June and Paul Jenkins News A tradition of honor (WITH GALLERY)
Yahoo
23-05-2025
- Politics
- Yahoo
Ohio Senator part of effort to make May National Foster Care Month
WASHINGTON, D.C. (WKBN) – The Senate passed a resolution to make May National Foster Care Month. Ohio Senator Jon Husted co-sponsored the resolution, which passed the Senate on Thursday. The legislation brings awareness to the challenges facing children in foster care, and encourages Congress to implement policies to improve their lives and support foster parents. Husted was adopted out of the foster care system. 'Loving foster families offer the stability and guidance when kids may need it most,' he said. 'I've seen how transformational a child's first years of life can be and strengthening the foster care system gives kids a better chance to achieve their version of the American dream. I'm honored to shine a light on foster families and the kids they love.' The number of Ohio kids in foster care has continued to increase during the opioid epidemic, outpacing the number of foster families in the state. It has estimated that half of children in foster care have one or both parents struggling with substance abuse, according to a recent study. The study shows that Ohio's foster care system serves more than 16,000 children, yet there are only 7,000 licensed foster families. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-05-2025
- Business
- Yahoo
Commissioners worry federal funding cuts will impact Trumbull County residents
WARREN, Ohio (WKBN) – Trumbull County commissioners are worried about what proposed budget cuts at the federal level could mean for the county. Commissioners plan to send a letter to Congressman Dave Joyce and Senators Jon Husted and Bernie Moreno, expressing their concerns about the proposal to eliminate several programs. Funding that could be impacted includes the Community Development Block Grants, HOME Investment Partnerships program and Economic Development Administration grants, as well as funding from the EPA, to name a few. The county has received upwards of $50 million just in CDBG funding over the last 40 years. Officials are worried about the negative effects these cuts would have on the county and what it could mean for planned public infrastructure projects and those currently under construction. 'It would be devastating to the county, to put it in short-term devastation for our county, to not be able to receive these funds,' Commissioner Rick Hernandez said. In the letter, commissioners will ask Congress to consider the negative impacts on the county's residents when making decisions on the proposed cuts. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Newsweek
01-05-2025
- Politics
- Newsweek
Democrats' Chances of Beating GOP's Jon Husted in Ohio, According to Polls
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Republican Senator Jon Husted of Ohio has an early lead over two potential Democratic challengers in the latest poll of the Buckeye State's 2026 Senate race. "I will work hard and win," he told Newsweek. However, a professor of political science at Bowling Green State University, which conducted the poll, said Democrats could yet retake the seat if the economy worsens, by regaining their standing as the party of the middle and working class. Newsweek also reached out to the Democratic Senatorial Campaign Committee (DSCC) for comment via email. Why It Matters Democrats face a potentially challenging Senate map next year, as they will need to flip at least two states President Donald Trump won by double digits to secure a majority. This means Democrats will need to win states like Alaska, Florida, Iowa, Ohio or Texas, where they have not won major statewide races for years, if not decades. Ohio, which was a swing state for much of the 2000s, is viewed as perhaps Democrats' best chance beyond Maine and North Carolina, the two most competitive races. Husted, the former lieutenant governor, was appointed to the position by Governor Mike DeWine to replace Vice President JD Vance's term. Democrats are hoping a strong national environment will give them a chance at flipping the Senate seat, but Republicans are hoping its conservative lean will keep it off the board. What to Know A new poll conducted by Bowling Green State University asked voters who they would vote for in hypothetical matchups between Husted and two prominent Democrats floated as potential candidates. The poll surveyed 978 registered voters from April 18 to April 24, 2025. It had a margin of error of plus or minus 4.08 percentage points. Senator Jon Husted, an Ohio Republican, questions Transportation Secretary Sean Duffy during a hearing on April 2, 2025, in Washington, D.C. Senator Jon Husted, an Ohio Republican, questions Transportation Secretary Sean Duffy during a hearing on April 2, 2025, in Washington, a hypothetical race against former Senator Sherrod Brown, Husted held a slight lead of three points (49 percent to 46 percent), with 5 percent saying they would vote for someone else. He held a slightly larger lead against former Representative Tim Ryan, who lost to Vance in the 2022 Senate race, holding a 6-point lead (50 percent to 44 percent), while 6 percent said they preferred other candidates. The Ohio Senate race is an "uphill battle" for Democrats but could become competitive under the right conditions, Robert Alexander, Ph.D., professor of political science and founding director of the Democracy and Public Policy Network at Bowling Green State University, told Newsweek. "Midterm races notoriously fare poorly for the president's party and Democrats had a historic wave during Trump's first midterm in 2018 capturing 40 seats. If voter perceive the economy is in worse shape in 2 years, Democrats would certainly have a chance to retake the seat," he said. Republicans have done well in the state by focusing on culture war issues and painting Democrats as out of touch, Alexander said. Democrats will need to "turn that on their head" to improve their standing in the state. Husted expressed confidence about his chances of victory in a statement to Newsweek. "I have run statewide four times and have won by double digits in three of the four races. It doesn't matter if I am ahead or behind in the polls, I will work hard and win," he said. Alexander pointed to Trump's tariff policy as a potential sticking point for voters in Ohio, many of whom believe they will not benefit from the economic policy. "If I were a Democrat in Ohio, I would beat that drum consistently—that our side is for the middle and working class and their side is for the wealthy and corporate class," he said. A February BGSU poll found Husted leading Brown by 6 points and Ryan by 7 points. Trump won Ohio by about 11 points in 2024, and 8 points in both 2016 and 2020. Brown lost last year's Senate race to Republican Bernie Moreno by about 3.6 percentage points. Vance defeated Ryan by about 6 points in 2022. What People Are Saying David Niven, professor at the University of Cincinnati's School of Public and International Affairs, told Newsweek: "Democrats running statewide in Ohio are 1-27 since 2014. The outlook is never all that rosy for Democrats in Ohio these days. "That one win was Sherrod Brown (in 2018). Brown lost his seat in 2024, in the most expensive senate race in U.S. history. There is certainly an expectation that if Brown runs again in 2026, he will be a potent candidate. If Brown runs for governor—or doesn't run at all—Democrats have no candidate of any profile to take on the senate race. "Appointed senators have a rather shaky record in holding onto the seats they didn't win in the first place—so Republicans do have to deal with that liability as well as any Trump economic discontent that may take hold." Brown told CNN in November: "I'm not dismissing anything at this point." What Happens Next No prominent Democrats have jumped into the Senate race at this point, and Brown and Ryan haven't said what their plans are for 2026. Ohio voters will head to the polls next November to determine whether or not to reelect Husted. The Cook Political Report currently classifies the race as Likely Republican, meaning it is "not considered competitive at this point" but has "the potential to become engaged." Democrats' top targets are Maine, which former Vice President Kamala Harris won by about 7 points, and North Carolina, which Trump won by about 3 points.
