Thanks to responsible tax and spending reforms, Indiana has one of the lowest tax burdens in the nation. Lawmakers have cut taxes directly for individuals (that’s you and me!) and for the businesses that power our economy. The individual income tax rate will be slashed by five percent when the 2013 tax relief is fully phased in next year. That means more of the money you make stays in your pocket, instead of going to Indianapolis.
Taxes have also been cut for job creators, as the corporate tax rate was reduced from 8.5 to 6.5 percent in 2011. Companies that might have considered slowing down or moving to a lower taxed state are now willing to stay in Indiana, grow, and hire more workers. Lawmakers decided to lower the corporate tax rate even further, passing reforms in 2014 that will bring the rate down to a very competitive 4.9 percent in 2021. Our taxes are on the right track, and that’s put our economy on the right track.