Republican Mike Pence is looking at ways to cut Indiana income tax rates across the board if elected governor next year.
The congressman told The Associated Press on Wednesday that he wants the state's individual and corporate tax rates reduced to 3 percent. The state's individual tax rate is now 3.4 percent and the corporate rate is 8.5 percent.
Pence also said he would like to repeal Indiana's estate tax.
But the state's surplus would need to grow more before tax cuts would become viable, Pence said. He didn't give a specific level the state would have to reach first.
“Any surplus net of adequate reserves should be used for pro-growth tax reform, not more government spending,” Pence said.
I'm all for lower taxes, but the state has to figure out how to address its unfunded obligations before giving up a surplus that exists on paper only through creative accounting methods. Pence had the luxury of voting this week to allow the federal government to borrow another $2.4 trillion so the federal government could continue to run up the largest budget deficits in our nation's history without making any specific tax or spending decisions or a concern in the world as to how our nation's current debt, let alone this mountain of new debt, could possibly ever be repaid. Even worse, he supported a plan that gives unconstitutional authority to a "Super Congress", a select few members chosen by the leadership of both houses, which will get to make future tax, spending and borrowing decisions over the wishes of the majority of members elected to the Senate and House. That single vote wiped out any credibility he had as a true fiscal conservative. This is 2011, Mike, not 1787 when states still had the ability to print their own money with calamitous results. Sorry, Mike. Actions speak louder than words.
Judge Andrew Napolitano sounds off in the video below on why he believes the Budget Control Act passed by Pence and his fellow colleagues is unconstitutional.