Hoosier businesses favor a balanced approach and shared burden to resolve the federal government’s fiscal crisis, according to a survey conducted by the Indiana Chamber of Commerce in conjunction with the office of 9th District U.S. Rep. Todd Young, R-Ind.
The survey found that businesses favored tax rate reduction over tax code simplification 2-1, with 71 percent of respondents indicating a willingness to give up some tax credits and/or reductions in exchange for lower individual and corporate tax rates
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Respondents overwhelmingly identified the fiscal crisis as more of a spending problem (66 percent) than a revenue problem (less than 1 percent), the chamber said. One- third felt the situation was the result of both a spending and a revenue problem, according to a chamber news release.
When asked what principles should direct tax reform, the top answers, in order of preference, were: shared sacrifice; global competitiveness; no picking winners and losers; and simplification of the tax code.
A total of 188 businesses responded to the survey, according to the state chamber, which reported that 73 percent of responses came from small businesses.
The news release said its survey mirrored results of an electronic poll of 9th District residents conducted by the congressman’s office.
Of 2,700 people surveyed by Young’s office, 54 percent supported eliminating deductions in order to simplify the tax code, and more than 85 percent wanted current tax rates extended while Congress works through the crisis, the release said.
On the questions of whether the rates should be raised on the top 2 percent of people making more than $250,000 a year — a sticking point in negotiations between the White House and Republicans in Congress — more than 42 percent wanted the rates extended up to those making $250,000 a year, and 43 percent wanted the current rates extended for those making more than that amount, according to Young’s office.
