THE RAATZ ROUNDUP
Submitted for use on Oct. 24, 2022
Word Count: 323
I recently read in a CNBC article that a survey by the American Advisors Group found more than a third of Americans feel unprepared or unsure if they are on track to retire. The writer cites battling inflation, the effects of the pandemic, a war in Europe, interest rate hikes and fears of a recession as the cause of dwindled retirement savings for many.
As if those factors weren't enough, policies and decisions from the Biden administration and the federal government are perpetuating an era of uncertainty. Thankfully, Indiana Republicans pinpoint fiscal health and responsibility as main priorities to better support Hoosiers – and it shows in our legislation and credit rating.
Even in these uncertain times, we recently paid down $2.5 billion in unfunded pension liabilities, helping Hoosier educators confidently retire, and returned two automatic taxpayer refunds, totaling over $1.4 billion, to hardworking Hoosiers statewide as a result of excess revenues. This indicates that we know how to operate within our means.
In addition to paying down pension debt, this year we passed House Enrolled Act 1002 to phase down Indiana's income-tax rate to 2.9%, tied for the lowest rate in the nation amongst states with an income tax.
Lastly, Indiana is one of 13 states that maintains a AAA credit rating, which is the highest rating possible, amongst three credit rating agencies. Our state's rating allows state and local governments to pay lower interest rates on bonds, saving taxpayers even more money.
Indiana's advantageous financial position has been made possible through the repeated passage of balanced budgets and fiscally responsible legislation. While policies in Washington, D.C. are causing Americans to feel financial pressure, in Indiana, we understand many face financial hardships and do not punish the working class with our actions.
If you have any questions or concerns on these or other topics, feel free to contact me at Senator.Raatz@iga.in.gov or 317-233-0930.
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