Income tax changes may be on horizon

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An income tax proposal, which would represent a tax increase for some residents and a decrease for others, may be on the ballot in November if City Council agrees it's warranted.
To help provide additional personnel and equipment for the police, fire and service departments, Mayor Tom Wagner said he wants Council to place two issues on the November ballot " a 1 percent income tax increase (bringing the rate to 2 percent) and a tax credit for the full income tax rate for residents who pay income tax to other cities.
The proposal would net the city an increase of $2.9 million a year.
If the proposals are approved, residents who work outside Streetsboro in a municipality where they pay 2 percent in income tax would not have the pay the additional 1 percent they currently pay to Streetsboro, said Finance Director Ted Gordon. Residents who live and work in Streetsboro would experience an increase in their tax rate, he said.
For more, please see the May 14 edition of The Gateway News.