COLUMBUS, OH — A new report from Innovation Ohio estimates Vivek Ramaswamy’s property tax plan would slash billions from schools, local governments and libraries – leading to larger class sizes and fewer activities for children; diminished safety services; and reduced offerings at public libraries. 

Ramaswamy, the Republican candidate for governor, recently announced a proposal to roll back property taxes to pandemic levels. Innovation Ohio estimates that Ramaswamy’s plan would slash as much as $6.6 billion per year – or a quarter of property tax revenue from schools, libraries, local governments, community colleges and more. 

“Ramaswamy has already told us what he wants to do: hand over more of our money to his rich friends,” said Innovation Ohio President and CEO Michael McGovern. “His plan may be light on details, but the result is clear: huge cuts to our schools, libraries, and public safety. If he becomes governor, we can expect more corporate vultures swooping into our communities to pick at their bones.” 

For years, Republicans in Columbus have slashed taxes for the wealthy and big corporations, forcing everyday Ohioans to pick up more of the tab for schools, safety services, libraries and more. Today, property taxes generate approximately 65% of Ohio’s local tax revenue. The bulk goes to public schools. Innovation Ohio’s analysis shows that Ramaswamy’s plan would cost Ohio’s schools $4 billion a year. Rural townships would also be hit hard. Townships receive $1.5 billion in annual property tax revenue and, unlike cities, cannot levy taxes from other sources like income or sales taxes. 

“Ramaswamy is a billionaire who got obscenely wealthy on Wall Street ponzi schemes,” McGovern said. “He doesn’t care about everyday Ohioans. If he did, he wouldn’t be pushing plans that would destroy our police and fire departments, schools and libraries – the things that make our communities stronger and our lives better.”