Vaping crisis could be impetus for Legislature to raise smoking age to 21
Republicans hold a supermajority in both chambers of the Indiana General Assembly. But the leadership support doesn’t make the bill a slam dunk.
Taxes
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Warren ‘wealth tax’ estimates too optimistic, analysis says
Elizabeth Warren’s signature “wealth tax” would bring in at least $1 trillion less in new government revenue than the Democratic presidential candidate estimates while ultimately shrinking the economy over the next 30 years, according to a new academic analysis.
Stocks dive after Trump says trade deal with China could wait
President Trump said he has “no deadline” for a deal and didn’t mind waiting until after the election next year to make one. Investors had been hoping for a deal this year, or at least enough progress to stave off new U.S. tariffs on Chinese goods scheduled to start Dec. 15.
Council committee approves TIF designation for Twin Aire site
A City-County Council Committee on Monday recommended approval of a new tax-increment financing district for the Twin Aire neighborhood, which could lead to development opportunities in an area that will soon be home to the city’s new criminal justice complex.
First month of Indiana sports gambling draws $35.2M in wagers
PlayUSA.com Network, a news and research organization that follows sports gambling and operates PlayNJ.com and PlayIndiana.com, called the first-month data “impressive.”
UPDATE: Marion County reschedules canceled tax sale for early 2020
The sale was scheduled to take place Thursday and Friday but a clerical error forced the Treasurer’s Office to cancel the event. Nearly 1,200 parcels with minimum bids totaling some $6 million were to be auctioned and will now be available at the rescheduled sale in February—unless the owners pay their delinquent taxes.
Sanders pushes tax on companies where CEOs earn far more than workers
Under Sen. Bernie Sanders’ plan, the government would increase a firm’s corporate tax rate if its highest-paid employee earns more than 50 times what its average worker does—an attempt to encourage companies to distribute their profits more equitably.
Indianapolis to get boost in road funding, but other cities, towns face decrease
The city of Indianapolis is about to get a boost in road funding from the state—at the expense of other cities and towns—after a discrepancy was found in how the formulas for certain taxes had been applied for years.
Indiana casino revenues continue to tumble
Revenue from the state’s 10 casinos was 31.2% less than what had been expected in August, but racino revenue was on the rise.
Q&A with Chad Halstead, an Opportunity Zone adviser
For the past 12 years, Chad Halstead, 39, has helped land government incentives for some of the area’s biggest real estate developments.
Hoosier manufacturers feel trade war sting
As the U.S./China trade war drags on, advanced manufacturers in central Indiana are scrambling to determine their best course of action—and there are no easy answers.
China to remove tariffs on some U.S. products, but not corn, soybeans
China extended an olive twig, rather than a branch, to the United States in their trade war Wednesday, announcing it would exempt 16 American-made products from tariffs as a sign of goodwill ahead of talks scheduled for next month.
Legislative study committee to debate vaping taxes
With vaping on the rise, Indiana lawmakers are set to launch another debate about whether to impose taxes on e-cigarettes and e-liquids like they do on traditional cigarettes, cigars and other tobacco products.
Former area attorney sentenced to 30 months in prison for tax evasion
Judge Jane Magnus-Stinson said the former attorney and tax preparer “has a complete lack of respect for the law, for the tax code, his fellow citizens and for the court.”
UPDATE: Indiana just days away from legalized sports betting
Indiana will become the 12th state—and the first in the midst of major Midwest markets—with sports betting when a new state law takes effect Sunday.
Trump drops tax cut idea, citing ‘strong economy’
President Donald Trump also knocked down the idea of indexing to the capital gains tax, which applies when investors sell assets, to inflation.
Department of Revenue ready to launch new online tax portal
The first phase in the rollout of the online system will allow corporations, not-for-profits and other businesses to register for e-services, view tax documents, file and amend tax returns and pay taxes.
Developer of $66M apartment project downtown requesting $9.8M in TIF bonds
Under a proposed deal, the Boston-based developer of the 11-story project would receive a portion of the increase in property tax revenue generated by the project in order to pay off the bonds.
Billionaires, from Soros to Disney heir, urge extreme-wealth tax
Financier George Soros, heiresses Liesel and Regan Pritzker, Abigail Disney and Facebook Inc. co-founder Chris Hughes are among those calling for the levy to help address income inequality.
Regional divide opens up in sports betting legislation
By year's end, legalization is possible in a dozen states in the Northeast and Midwest. But most states in the Deep South and far West are staying on the sidelines, at least for now.