INDIANAPOLIS – The majority of benefits from an income tax cut proposed by Republican gubernatorial candidate Mike Pence would flow to the highest-income Indiana taxpayers, a new analysis shows.
Pence, a six-term U.S. congressman, last week proposed dropping Indiana’s 3.4 percent income tax rate to 3.06 percent. He called it an “across the board” cut that would save an average family of four about $228 a year.
The Institute on Taxation and Economic Policy used its microsimulation tax model to analyze the plan.
Continue reading Report: Rich benefit most in Pence plan