...
Pence said the Senate’s budget is a good framework, but he still would continue to advocate for his 10 percent cut.
“I think we are getting on the same page, but there are still details and differences in levels and priorities and I believe those will be the subject of a vigorous and respectful negotiations in the days and weeks ahead.”
For months, Pence has been at odds with lawmakers over his cut, a major campaign promise. House Republicans left it out of their budget proposal entirely.
Kenley said the Senate’s version would return $150 million per year to income taxpayers. He also proposed to eliminate the state’s inheritance tax
retroactive to Jan. 1, equal to about $150 million per year. Coupled with the current reduction in the corporate income tax — approved last year — and a reduction in the financial institutions tax of about $19 million, Kenley estimates total tax relief at $500 million annually.
retroactive to Jan. 1, equal to about $150 million per year. Coupled with the current reduction in the corporate income tax — approved last year — and a reduction in the financial institutions tax of about $19 million, Kenley estimates total tax relief at $500 million annually.
That’s about the same total tax relief as proposed by the governor, though his was all through the income tax reduction. Pence said today that his income tax reduction would have the most impact on the broadest number of people and businesses within the state.
tax reduction. Pence said today that his income tax reduction would have the most impact on the broadest number of people and businesses within the state.
“I continue to believe that in these tough economic times we ought to do all we can to provide permanent tax relief to working families, small businesses and family farms....I hasten to remind people that lowering the personal income tax rate not only puts dollars in the pockets of every Hoosier.....but secondly remember that more than 80 percent of small businesses file their taxes under the individual income tax rate.”
...
See the full article here:
Likewise by AP as reported in the Northwest Indiana Times:
Gov. Mike Pence says an income tax cut in the Indiana Senate's proposed budget is a start but he'll still push for the $500 million cut he has proposed.
Senate Republicans put forward a $30 billion budget Thursday that cuts the state's personal income tax by a total of $150 million annually and funds an expansion of major highways.
Senate Republicans propose putting $200 million a year in a new transportation fund to pay for additional lanes on Interstate 70 and Interstate 65 crossing the state. It also would pay for building a new bypass around most of Indianapolis.
They also propose eliminating the inheritance tax and cutting the financial institutions tax by 2 percentage points.
The Senate Appropriations Committee advanced the budget on a 9-4 party line vote Thursday.
Senate Republicans put forward a $30 billion budget Thursday that cuts the state's personal income tax by a total of $150 million annually and funds an expansion of major highways.
Senate Republicans propose putting $200 million a year in a new transportation fund to pay for additional lanes on Interstate 70 and Interstate 65 crossing the state. It also would pay for building a new bypass around most of Indianapolis.
They also propose eliminating the inheritance tax and cutting the financial institutions tax by 2 percentage points.
The Senate Appropriations Committee advanced the budget on a 9-4 party line vote Thursday.
http://www.nwitimes.com/news/state-and-regional/indiana/pence-ind-senate-gop-income-tax-cut-not-enough/article_892f41b2-0dd4-520c-a520-df20b1c4254c.html
Governor Pence's statements may be watched here on video:
http://www.youtube.com/watch?v=aS3zhSScTF0&feature=youtu.be
