Indiana Budget Bill Passed by Legislature
The Indiana General Assembly adopted a two-year, 30 billion dollar budget, one Republicans say contains the largest tax cut in state history. As Indiana Public Broadcasting’s Brandon Smith reports, Democrats say the tax cut is an illusion:
The budget bill contains significant increases in both education and roads funding. Money for K through 12 schools grows by two percent in the first year and one percent the second, while also including 30 million dollars in performance funding the second year. Roads dollars are boosted by 215 million dollars in each year of the budget, split between the state and local governments. And the budget contains more than a billion dollars in tax cuts over three years, including a five percent income tax cut, elimination of the inheritance tax and continued reduction of the corporate tax. House budget author Tim Brown says it does all that while maintaining fiscal integrity:
“We’re paying off bonds. We’re having a structural surplus and we’re having reserves in the bank at about 12.5 percent so we that can be prepared for the future.”
But Indianapolis Democratic Representative Greg Porter says the budget is woefully inadequate:
“A budget, from our perspective, with no job creation, doesn’t grow the middle class, doesn’t fund public education adequately.”
Governor Mike Pence praised the budget as one that successfully limits spending while saving for the future and providing tax cuts to Hoosiers. For Indiana Public Broadcasting, I’m Brandon Smith.