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[r29] Column: A history of tax cuts
Start Date: 3/11/2013Start Time: 12:00 AM
End Date: 3/11/2013End Time: 11:59 PM
Entry Description
A history of tax cuts

The functions of government are always being debated and discussed by families around the dinner tables, among students in school or between representatives on the floor of the House chamber. Basic questions like what role should the government play in the lives of citizens? What services should be provided? How much should taxpayers be required to pay in taxes?  
 
These are all valid questions that must be considered and weighed by public officials at every level of government. And, it is the exact process we are going through at the Statehouse right now. Determining the right amount of revenue to provide for needed services, while also being ready when unforeseen situations or mandates come at us is important. The biggest uncertainty right now is the full financial effects of the Affordable Health Care Act, specifically, its impact on the State of Indiana.

So, personally, as we continue to go through the next several weeks of budget preparation, I want to proceed cautiously, wisely and prudently. We need to have as much information as we can before us to make a good decision, and an updated revenue forecast in April will help determine various tweaks in the state’s budget and taxation.

The past few weeks I have discussed the merits of the House’s proposed budget for 2014-2015. The priorities of education, infrastructure, health care and public safety are all funded, while maintaining the fiscal integrity necessary to protect taxpayers. A government that lives within its means is crucial to the economic health of the state. Indiana is one of only a few states with the highest credit rating from all three major credit agencies, which creates an environment of certainty for capital projects and job creation.
 
Having a pro-business, taxpayer-friendly tax climate, which Indiana is known for and champions, is also critical to luring companies to expand their operations here and hire Hoosiers.
 
Just looking back at the past decade, property taxes have been capped; corporate business taxes have been cut; the Automatic Taxpayer Refund returned $360 million to taxpayers; and Indiana’s death tax is being phased out. We have a history of fiscal conservatism and providing tax relief for Hoosiers.
 
In the House’s proposed budget, the phase-out of the death tax will be sped up and eliminated by 2018. This will eliminate the tax burden facing small business owners and farmers wanting to hand their property and assets to the next generation in their family; a savings of $300 million. 
 
The continued discussion regarding Indiana’s tax policies is always important, and I will always work to keep more of your money in your pockets. Nine states in the US don’t have an income tax, of those that do; Indiana has the lowest, ranking 10th. Republicans have championed the fiscal principles of spending less than what is collected in taxes and entrusting the people to make decisions with their hard-earned money instead of big government. These principles couldn’t be more evident in Indiana.

As we continue in this next phase of the General Assembly, the Senate will have their chance to look over the budget and the surrounding issues. The revenue forecast in mid-April will provide an updated look ahead and enable us to be prepared to make the best decision possible.  In the meantime, the House will continue to work through the Senate bills and address other issues before us. As always, I look forward to hearing your thoughts on issues of importance to you.

To all my Irish friends (and those who want to be at least for a day), I wish you a Happy St. Paddy's day!

-30-
Contact Information:
Name: Nicholas Goodwin
Phone: 3172329831
Email: ngoodwin@iga.in.gov
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Attachments For This Entry:
    > A timeline of recent tax cuts in Indiana's history.
Entry Type:
Press Release
Entry Category:
  • Alerts and Notification
  • Announcements
  • IN.gov Category:
  • About Indiana
  • Agency Name
    House of Representatives Republican Caucus

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