Current Indiana Lieutenant Governor and gubernatorial candidate, Suzanne Crouch, has released a plan to eliminate the state’s income tax and limit spending growth.
The plan would gradually reduce and eliminate the state income tax using excess revenues. Indiana currently is scheduled to cut to a 2.9% flat income tax by 2027, down from 3.5% at the beginning of 2022.
Crouch’s spending cap would limit government growth to 2% with an inflation adjustment. A concept taxpayers and fiscal conservatives can cheer, as government will not grow beyond the means and needs of Hoosiers.
Crouch’s “Axe the Tax” plan outlines three key reasons for eliminating the income tax. First, the citizens of Indiana need to be defended against Biden’s disastrous economic policies and inflation, which has cost families thousands of dollars since 2020. Second, Hoosiers, like all Americans, deserve to keep more of their hard-earned money. Lastly, this elimination would attract new investments and businesses into the state, boosting Indiana’s economy and making it more competitive.
Currently, the state has a budget surplus of $2.9 billion.