Gov. Mike Pence
is still pressing lawmakers to reduce Indiana’s income tax rate by 10 percent —
but he is leaving plenty of room for them to find creative ways to give him
what he wants.
Pence
said such a cut is the way Indiana will “win the war for jobs,” making an economic
argument that injecting a combined total of more than $500 million per year
into taxpayers’ wallets will stimulate growth even if that isn’t a huge sum on
an individual basis.’
The
first-term Republican governor, buoyed by an optimistic new state revenue
forecast, originally sought to lower the income tax rate from 3.4 percent to
3.06 percent, phased in over the course of Indiana’s next two-year budget.’
That
would have lowered state tax collections by a total of $780 million over that
two-year period — a price that’s likely too high for the Republican-dominated
legislature. So those lawmakers could opt to phase the cut in over a longer
period of time.’
Pence
did not rule out vetoing a budget that does not include his tax cut when
speaking with reporters, but also sounded a practical note, mentioning a
meeting Tuesday and breakfast Wednesday with legislative leaders.’
...
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