OUR 6-POINT ECONOMIC PLAN
Indiana can be the most vibrant and successful state in the country, and when I am Governor that is exactly what I plan to bring to Hoosiers. This doesn’t happen through impractical pipe dreams or catchy campaign slogans, but by implementing smart, strategic, and practical plans to make our economy more efficient and less wasteful.
That’s why we have developed a 6-Point Economic plan to streamline and propel our economic growth:
Reducing Indiana Gas Tax
We plan to cut the state’s gas tax back to 2017 levels. This would mean a reasonable reduction in tax revenue of $230,000,000, saving taxpayers 16 cents per gallon every time they go to the pump. As a state that relies on interstate commerce to boost our economy, cutting this tax is crucial to encouraging the investment and expansion of commerce companies. This will also help Hoosier families who are struggling to put fuel in their tanks to travel to work, school, Little League games, and family barbecues.
Budget Surplus Tax Rebates
One of the best ways to support Hoosiers struggling to stay afloat during these historically tough economic times is to bring the Automatic Taxpayer Refund back down to the original reserves of 10% rather than the current 12.5%. With record-breaking surpluses and worsening economic conditions, the government does not need to be hoarding excess tax dollars paid by hardworking Hoosiers. By lowering the threshold, we increase the likelihood that Hoosiers will receive additional tax refunds, which can help stimulate our economy and make it easier for Hoosiers to buy gas, pay for groceries, or stock up on school supplies.
Cutting Corporate Income Taxes
As Governor, I will work to cut our state corporate income tax from 4.9% to 3.5%, so Hoosier businesses have the resources to reinvest in their employees and communities. By cutting the corporate tax rate, we will encourage new businesses to invest in our state, which in turn will bring new jobs, better opportunities for hardworking Hoosiers, and a larger tax base to accommodate such a cut without hurting the fiscal stability of our state.
Slashing Government Spending
Before we implement widespread tax cuts that will have billions of dollars worth of economic impact, we must address wasteful government spending. As Governor, I will work to modernize our budgeting process by introducing efficiency measures, such as implementing a zero-based budget for our state. This budgeting process would start every department and agency at zero dollars and require them to justify every taxpayer dollar they want to spend. We shouldn’t be incentivizing spending; we should be incentivizing efficiency. Moreover, the ZBB approach would enable Indiana to identify and eliminate wasteful “legacy spending” programs (programs that have endured well-past their usefulness simply because of inertia and bureaucracy) and put a stop to mission creep into pointless initiatives that do not have clear and identifiable aims and goals– such as “woke” programs that offer virtue signals without discernible outcomes.
Eliminating Young Earner Income Tax
Young Hoosiers are fleeing our state at an alarming rate due to a lack of opportunity and upward mobility. As Governor, I will eliminate the state income tax for young earners and entrepreneurs between the ages of 18 and 35 to encourage young professionals to remain and invest in Indiana. Our plan to eliminate the income tax on earners aged 18-35 would encourage young professionals to stay in Indiana while encouraging companies to expand into Indiana. The lost revenue would be made up by an increased tax base of businesses and corporations. Indiana would be the first in the nation to implement such a tax structure, and it would pay off with young professionals moving to and remaining in Indiana to start businesses and families of their own.
Taking Care of Our Seniors
Like younger workers, seniors are also fleeing Indiana at historic rates. We can combat this by eliminating the state income tax on retirement benefits income for seniors over the age of 65. This will encourage seniors to remain in Indiana and encourage seniors in neighboring, high-taxed states like Illinois to move to the state. (Source: Forbes) I am also proposing a flat sales tax rate of 3% for residents over the age of 65 to assist with their transition into retirement.
