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I’ve always said state lawmakers are so keen to eliminate property taxes because it doesn’t affect the state budget, so who cares if they starve local government. WELL… here we are actually talking about where the money will come from and it’s going to impact state revenue.
I like good roads, police and fire protection, and things functioning sewer systems. You get what you pay for.
It’s a shift in taxes away from the old to younger folks. Yet again, baby boomers pulling the ladder up.
https://indianacitizen.org/hicks-commentary-an-incoherent-tax-plan/
Not so fast, Joe. 401k/IRA withdrawals (other than Roth) by seniors are fully income-taxable by both the State and local governments. If you increase the local income tax, you increase seniors’ taxes…maybe not by enough to offset property tax, but it’s not a completely free ride.
You’re assuming that Braun won’t find yet another carve out for seniors.
If a plan was set in place to increase sales tax and eliminate property taxes, it could also include language for properties owned by residents of Indiana. Big investors from out of state would still be required to pay the 2% property tax. At least in residential housing.
Cap it at no greater than median home price in each district and you might have a decent plan, but it sounds more like a massive tax break to million dollar homes at the expense of renters and lower earners’ income.
^^^This. If you needed any more evidence that Republicans write tax laws for rich people, this would be it.
Spot on
Charles M – 100% agree. And this will probably result in higher taxes on rental properties, so higher bills for renters.
Agreed, this isn’t so much a handout to the boomers as it is a handout to the wealthiest at the expense of those who need their whole paycheck to survive. There is of course plenty of overlap in the boomers and wealthiest among us though