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May 1, 2013

THEIR VIEW: Opinions from other newspapers for May 1

(Continued)

The lessons of organ donation are like that.

Now, we urge others to apply those lessons. There cannot be a better time for individuals and families to talk about pledging themselves to becoming organ donors should circumstances arise. Make your intentions known. Put them in writing. Be prepared. Doing so may someday even save a life.

—  Tribune-Star, Terre Haute. April 26, 2013.

 

‘Largest’ tax cut a victory for Pence but will it actually help Hoosiers?

 

So, are you excited Gov. Mike Pence and the Indiana General Assembly has passed a 5 percent cut in your state income tax? Good for you if you are.

But don’t spend it all in one place.

Its legislative supporters hope this political morsel will be gobbled up by Hoosier voters.

“Hey, they cut our taxes!”

And indeed they did. Let’s do the math.

Indiana’s current income tax rate of 3.4 percent will be cut to 3.3 percent in 2015 and then to 3.23 percent in 2017. The tax burden on Hoosiers this year would be $340 on each $10,000 of taxable income. In 2015, that will drop to $330 (a cut of $10-per-$10,000). Finally, in 2017, it will settle at $323 ($17-per-$10,000).

For those with a family income of, say, $50,000, the savings two years from now will be $50, or 96 cents a week. The more well off who make $150,000 will save $150, or $2.88 a week.

The complete impact would come two years later, when the same $50,000 family income would be cut by $87 and the $150,000 family would retain $255 in lower taxes.

The impact for the first family will be $1.67 a week (about the same as a “tall” coffee at Starbucks, which is that company’s name for a small), and for the other family $4.90 a week (two cups of coffee, or a coffee and a muffin).

For those who like averages, the “average” Hoosier would realize $114 in annual tax savings, or $2.19 a week.

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