Pence: Tax cut the best way to bring jobs to Indiana
By Matt Mikus email@example.com March 12, 2013 4:24PM
Updated: April 14, 2013 6:31AM
INDIANAPOLIS — Gov. Mike Pence will continue his push to include a 10 percent tax cut in the state’s budget, saying it’s the best way to help bring jobs to the state.
He noted that 83 percent of small businesses file their taxes under the individual income option, the larger benefit for the state would be to the individual taxpayer.
“I’m strongly committed to taking a portion of Indiana’s historic surplus,” he said, “and providing across the board income tax relief.
“The most effective way to pass tax relief that will encourage investment and create jobs is through permanently lowering marginal income taxes.”
While House Republicans have proposed tax cuts through the full removal of the inheritance tax, Pence pointed out that only 5,000 estates would see the benefit, rather than the 4.4 million who are affected by the state income tax.
Philosophically, he adds that the $500 million, which would give each household a couple hundred dollars, is better spent by the individual instead of the state.
“It’s not about whether it’s being spent,” Pence said, “it’s about who would spend it better. Government should only collect what it needs, and if it’s poised to collect more than it needs, then it should leave that with people, because people spend that money more efficiently, and more wisely, in the economy than government ever will.”
Pence added that he believes the House and the Senate will work together and include the cut by the end of the session.
When focusing on job creation, Pence said he would prefer lowering the 8.3 percent unemployment rate by lowering taxes, education reform, and curtailing regulation and spending.
“That all creates an environment where two things can happen,” Pence said, “businesses that are here can grow.”
At the same time, Indiana can become more attractive to states and countries looking to expand. He said he has pushed the Chamber of Commerce and Indiana Economic Development Corp. to “redouble our efforts” to attract outside investors.
Since taking office, Pence has participated in seven roundtables around the state focusing on job creation, visiting 22 counties, and two ribbon cuttings for Amazon.com and Greenville Technology that will offer about 1,375 potential new jobs.
“I know the legislative process is still in the forefront right now,” Pence said. “Half of my time, I’m focused on jobs.”