Income Tax Showdown Could be on the Horizon in Indiana
Despite the fact Republicans control the Indiana Governor’s mansion, House, and Senate, a standoff appears to be brewing over Governor-Elect Mike Pence’s plans to cut income taxes. Pence takes office January 14th, and is admitting he has no budget experience at the state level.
However, Pence is a conservative Republican and a veteran of some bruising federal budget battles over his eleven years in the U.S. House. The Columbus, Indiana native has promised that pushing a 10% income tax cut will be his top legislative priority next year.
But a powerful fellow Republican, House Speaker Brian Bosma, has warned that such a cut may not be possible in 2013, given the fact that Hoosier State lawmakers recently cut other taxes. The Courier-Journal reports Bosma says those in charge of writing the state’s budget are just now working those previous reductions into Indiana’s spending blueprint.
late last week Governor-Elect Pence told members of the Indiana Chamber of Commerce that the state is sitting on a two-billion-dollar budget surplus—something that justifies his wishes to cut income taxes by 10%.