Kokomo Tribune; Kokomo, Indiana

Opinion

January 26, 2014

Indiana twiddling with tax reform

(Continued)

Currently, there is a personal exemption of $1,000 for adults, $1,500 for dependent children, and an additional $1,000 for those over 65. If the rate of inflation was two percent, those figures would rise to $1,020 for adults, $1,530 for dependent children.

How much is this worth to the taxpayer? Assume a family of four, two adults under age 65 and two children. Currently they get a total exemption of $5,000. This would rise to $5,100.

At today’s income tax rate (3.4 percent), this $100 added exemption would be worth $3.40 to that household. For some in our state, any reduction in taxes is valuable as a means of cutting back government.

Instead of playing games with rates and exemptions, plus changing the tax base for personal property taxes, the General Assembly ought to be working on a comprehensive review of Indiana’s tax policies. Rather than a piecemeal approach to taxation, let’s look at the larger picture of revenue needs and the means of supporting, rather than undercutting, government services.

Morton Marcus is an independent economist, writer and speaker. Contact him at mortonjmarcus@yahoo.com.

Text Only | Photo Reprints
Opinion
  • A great way to offer help The United Way of Howard County does so much for this community that it would be difficult, in this space, to describe even a fraction of the things United Way donations accomplish.Think what Kokomo and Howard County would lose if there were no Court

    July 25, 2014

  • MARK HEINIG JR.: Will Pence, Ritz and their playmates ever grow up? Many Hoosier Republicans are curious about Gov. Mike Pence’s future. He probably is, too. Assuming he doesn’t wish to return to Congress or retire from politics, he must decide whether to seek another term as governor of Indiana or run for president

    July 25, 2014

  • LETTERS: Mast homestead celebrates 150 years Mast homestead celebrates 150 yearsThe two-story frame, Pennsylvania-Dutch style house on the Larry and Barbara Hensler farm 2 miles west of Plevna is 150 years old this year. In fact it may even be a little older than that. Lloyd Hensler used to say

    July 25, 2014

  • LEE HAMILTON: Why congressional incumbents keep getting re-elected It’s no news that Congress is unpopular. In fact, at times it seems like the only real novelty on Capitol Hill would be a jump in its approval rating. In June, a Gallup poll found members’ standing with the American people at a historic low for a mid

    July 25, 2014

  • Road must be made safer Eight months ago, the Indiana Department of Transportation opened the new U.S. 31 bypass east of Kokomo. Joining Mayor Greg Goodnight was Gov. Mike Pence. Even the Kokomo High School marching band performed at the ribbon-cutting ceremony. It was the

    July 24, 2014

  • SEN. JIM BUCK: New laws offer help for kids Families with children who have special needs often face difficulties finding the best care or treatment for their specific circumstance. During the 2014 legislative session, the Indiana General Assembly passed several initiatives to assist these fam

    July 24, 2014

  • LETTERS: Christians must stand with Israel 'As Christians we must stand with life' The present conflict in Israel is with Hamas, recognized even in Egypt as a terrorist organization. Recently Hamas formed a unity government with the Palestinian Authority in Gaza. They're now the government in

    July 24, 2014

  • BILL STANCZYKIEWICZ: Youth sports leagues are on troubling decline An important youth development activity is looking to end a recent losing streak. Participation in organized youth sports leagues for baseball, football, basketball and soccer declined by 4 percent between 2008-2012, according to a report in the Wall

    July 24, 2014

  • Keep eye out for kids

    With most local schools welcoming students in a couple of weeks — and Kokomo schools beginning class Aug. 5 (yes, a week from this coming Tuesday) — it’s important for motorists to think about safe driving as children travel to and from school.Law en

    July 23, 2014

  • MAUREEN HAYDEN: Expiring term heightens urgency of legislator's mission State Rep. Rebecca Kubacki had plans for her return to the General Assembly next January.The two-term Republican from Kosciusko County wanted to exert “full force” to roll back a law that prevents the children of undocumented immigrants from paying i

    July 23, 2014

Featured Ads
Only on our website
AP Video
Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kerry: No Deal Yet on 7-Day Gaza Truce Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive In Case of Fire, Oxygen Masks for Pets Mobile App Gives Tour of Battle of Atlanta Sites
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries
Poll