Councilman: Local Option Income Tax is Good Idea in Lake County

By David Vinzent in the Northwest Indiana Times:

When the downstate Hoosiers decided to allow counties to add an income tax in 1974, it was not done to penalize Lake County. It was done because downstaters felt that it was better to have a diversified source of funding (part property tax and part income tax) for local government.

Property taxes are stable, but don't reflect someone's ability to pay. Income taxes go up and down with the economy and more accurately indicate who can afford to pay. This is particularly good for retirees who own property but have lower incomes.

Some counties have opted for a small income tax and other have large income tax that almost eliminates property taxes. 

What can't happen is having both a large property tax and a large income tax. The law specifically requires most of it go to property tax reductions.

I urge the County Council and Commissioners to approve the proposed tax. Let us move forward to a better future for Lake County.

http://www.nwitimes.com/news/opinion/mailbag/local-option-income-tax-is-a-good-hoosier-idea/article_1f917d7f-8a59-55ba-b69a-eb7638bfcb29.html