GOP Budget Retains Surplus, Aids Taxpayers: Adams
July 28, 2016 at 4:25 p.m.
Kosciusko County taxpayers will pay fewer taxes and drive on better roads if an Indiana Senate Republican budget plan is adopted, according to Sen. Kent Adams, (R-Bremen).
"If you work, are retired, have children, own a home, rent a home, farm, teach school, operate a business, serve as a police officer or firefighter, or drive on the roads in Indiana, you will gain from the Senate Republican plan to cut taxes and invest in the future," Adams said.
The plan, introduced Wednesday, will provide permanent cuts in property and income taxes, make pension fund investments and pay for local road improvements. The expenditures total $1 billion over the next two years, and $1.35 billion in the following two years. The plan would still leave a surplus of $1.5 billion - $400 million more than that called for under Gov. Frank O'Bannon's biennium budget proposal, Adams added.
Key provision of the Republican plan include:
• A doubling of the current $1,000 property tax deduction for lower-income homeowners over age 65 and raising the ceiling on income and property value, making more seniors eligible for the deduction;
• A permanent $1,500 per year increase in the income tax exemption for children and other dependents, bringing the total exemption to $2,500 per year;
• Beginning a 10-year phase- out of the inventory tax;
• Raising the renter's deduction from $1,000 to $1,500.
• A cash investment of $400 million in police and firefighters' pension funds, as well as a $400 million lump-sum investment in the Teacher's Retirement Fund.
• $100 million per year in supplemental funding for local roads and streets.
"Addressing pension funds, which have been neglected for far too long, investing in safer and more economically desirable roads and streets, and increasing the purchasing power of Indiana taxpayers all contribute to a stronger Indiana in 2000 and beyond," Adams said.
Kosciusko County would receive an additional $1.8 million over the next two years for roads, and Warsaw would receive an additional $304,000, he added. [[In-content Ad]]
Kosciusko County taxpayers will pay fewer taxes and drive on better roads if an Indiana Senate Republican budget plan is adopted, according to Sen. Kent Adams, (R-Bremen).
"If you work, are retired, have children, own a home, rent a home, farm, teach school, operate a business, serve as a police officer or firefighter, or drive on the roads in Indiana, you will gain from the Senate Republican plan to cut taxes and invest in the future," Adams said.
The plan, introduced Wednesday, will provide permanent cuts in property and income taxes, make pension fund investments and pay for local road improvements. The expenditures total $1 billion over the next two years, and $1.35 billion in the following two years. The plan would still leave a surplus of $1.5 billion - $400 million more than that called for under Gov. Frank O'Bannon's biennium budget proposal, Adams added.
Key provision of the Republican plan include:
• A doubling of the current $1,000 property tax deduction for lower-income homeowners over age 65 and raising the ceiling on income and property value, making more seniors eligible for the deduction;
• A permanent $1,500 per year increase in the income tax exemption for children and other dependents, bringing the total exemption to $2,500 per year;
• Beginning a 10-year phase- out of the inventory tax;
• Raising the renter's deduction from $1,000 to $1,500.
• A cash investment of $400 million in police and firefighters' pension funds, as well as a $400 million lump-sum investment in the Teacher's Retirement Fund.
• $100 million per year in supplemental funding for local roads and streets.
"Addressing pension funds, which have been neglected for far too long, investing in safer and more economically desirable roads and streets, and increasing the purchasing power of Indiana taxpayers all contribute to a stronger Indiana in 2000 and beyond," Adams said.
Kosciusko County would receive an additional $1.8 million over the next two years for roads, and Warsaw would receive an additional $304,000, he added. [[In-content Ad]]