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[H]ere’s a quick breakdown of what Gov. Mike Pence, Indiana House Republicans and Senate Republicans are calling for in their respective budgets.
Overall spending
» Pence – Approximately $29.3 billion over the biennium
» House – Approximately $29.79 billion over the biennium
» Senate – Approximate $29.85 billion over the biennium.
Reserves
» Pence – $2.1 billion (14.2 percent in Fiscal Year 2014), $2.3 billion (15.7 percent in FY 2015)
» House – $1.9 billion (12.6 percent in FY 2014), $2.1 billion (13.9 percent in FY 2015)
» Senate - $1.7 billion (11.1 precent in FY 2014), $1.5 billion (9.8 percent in FY 2015)
Tax cuts
» Pence – 10 percent cut in income tax
» House – Speed up phase out of inheritance tax to Jan.1, 2018, instead of Jan. 1, 2022. Also calls for continued reductions in corporate incomes tax and cuts to financial institutions tax.
» Senate – 3 percent income tax cut. Inheritance tax repealed Jan.1, 2013. Continued reductions in corporate income tax and cut in financial institutions tax.
Education
» Pence – 2 percent potential increase, automatic 1 percent increase in first year, year two increase based on performance ($260 million total)
» House – 3.3 percent total increase ($354 million total), 2 percent increase in first year, 1 percent increase in year two. Also an additional $16.7 million to reward performance
» Senate – 3 percent total increase. 2 percent in year one, 1 percent in year 2. $25 million in performance based funding.
» Both House and governor’s plans fund full-day kindergarten.
Roads
» Pence – One-time $347 million increase (divided over a three-year period), from the surplus that would have gone to non pre-1996 teacher pensions.
» House - $250 million permanent annual increase by shifting dollars from state sales tax on gasoline
» Senate – $203 annual increase in roads. $112 million for the state. $101 million to locals provided they pass a wheel tax.
Department of Child Services
» Pence – $35 million more for caseworkers, supervisors and childprotection
hotline» House – $40 million increase.
» Senate – $30 million increase.
With an additional $290 million, the three parties can afford a Pence tax cut of about 5 percent. House Republicans can get their $250 million annual increase for roads and the Senate can get its 3 percent increase for schools and everyone can declare victory and go home.
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http://www.indystar.com/apps/pbcs.dll/article?AID=2013304190006
