The political lust for ever-more tax revenue is a bipartisan affliction, as Indiana voters are finding out to their regret. Their reward for electing their first Republican Governor in 16 years looks like it will be a big tax increase.
This pocketbook raid comes courtesy of Mitch Daniels, the former White House budget director whose victory last November also brought in GOP control of the Indiana house. (The party already controlled the senate.) He’s now helping to define Republicanism in the Hoosier state by proposing a 29% tax increase, levied largely on anyone making $100,000 or more — including married couples filing jointly and small business owners.
Mr. Daniels says the tax hike, which raises the top marginal income tax rate to 4.4% from 3.4%, will last only one year, but the new Governor is also opening the door for county and city governments to levy their own income taxes.
In Washington, President Bush called Mr. Daniels “The Blade” for his budget carving. It’s a shame that the people he’s giving the knife to in Indianapolis are his own voters. OUCH!!!!
Source: Wall Street Journal
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