Tuesday, April 16, 2024
Hoosiers work hard for their money, which is why Senate Republicans are always looking for ways to keep as much money as possible in the pockets of taxpayers.
In 2022, Senate Republicans supported a law that began the process of continually reducing Indiana's income-tax rate to 2.9% by tax year 2029.
Thanks to another law Senate Republicans supported in 2023, that income-tax cut is now set to be complete by tax year 2027.
It's because of these laws that Hoosier taxpayers are saving almost $200 million in income taxes this year alone, and Hoosiers are estimated to save over $2 billion overall in the first five years the cut is in effect.
Senate Republicans have also worked to cut several other taxes for Hoosiers while ensuring the state remains in good fiscal standing.
In 2023, we passed a law that eliminates income taxes for active-duty military personnel, encouraging more Hoosiers to enlist in the Armed Forces and making Indiana a more attractive state for those who serve. The General Assembly also reduced federal income taxes for Hoosier small businesses by allowing them to qualify for federal deductions larger corporations already receive.
Senate Republicans have successfully saved Hoosier taxpayers millions of dollars, and will continue that work through the State and Local Tax Review Task Force in the coming months.
