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Not the right time for Pence's tax cut proposal
Friday, January 18, 2013 10:00 AM
It looks as if Indiana Gov. Mike Pence will keep his campaign pledge to lower the state's income tax rate from 3.4 percent to 3.06 percent.
Saving taxpayers money and carrying through on promises are laudable goals. Yet we wonder if this is the time to be cutting that particular tax.
There are far too many Hoosiers crying out for help only to be told that the state can't afford to meet their needs.
The fact is that the state and local tax burden on Indiana families ranks below the national average in the nation in the latest Tax Foundation analysis.
Here's our concern:
State costs for Medicaid recipients are expected to climb significantly as the Affordable Care Act is implemented in 2014.
The General Assembly is being challenged to identify additional funds for road projects
The General Assembly is being asked to restore cuts to K-12 public schools.
The needs of poor children, the elderly and mentally ill aren't being met.
Continued uncertainty in the national economy ought to convince the General Assembly that now is not the time to further stem income tax revenue. Gasoline tax revenue is down. Corporate taxes have been trimmed. The inheritance tax is being phased out. And a law already in place provides for an automatic refund to taxpayers when reserves soar.
And then there's the Institute on Taxation and Economic Policy's analysis of Pence's across-the-board tax cut plan which concluded it would mostly benefit the wealthiest taxpayers. The poorest Hoosiers, who devote more of their household budgets to state and local taxes than any other income group, would be helped little, if at all.
Pence's proposal - while well intended - can't be justified ... Not with so many Hoosiers having nowhere to turn for help.
Information for this editorial came from the South Bend Tribune
Any time the people can see a tax break and more of their earned paycheck in their pockets, that is a good thing for them & the economy.
Don't try to make Mr. Pence look like the bad guy here by keeping his campaign promises. You need to look no further than the man who lives at 1600 Penn. Ave in Washington DC. There's the creator of the problems we have in our state(s) & nation as a whole. We have an un constitutional president who is pushing un constitutional executive orders & legislation on the citizens of America. You mentioned Obamacare taking effect and the increased costs that will be incurred because of it as part of your reasoning. Thats not Mr. Pences order or legislation. It's not call Pencecare! Obamacare is one of those UN CONSTITUTIONAL orders/legislations that I speak of that the American people are now burdened & shackled with. I say to Mr. Pence thank you sir for keeping a campaign promise. We dont get to see elected officials keep their campaign promises all that often, especially if their Democrats!
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1/18/2013 11:46:00 AM
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