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Tuesday, April 25, 2017
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Larry DeBoer: How are property tax levels determined?
WEST LAFAYETTE – Consider the eternal questions. Why is the sky blue? Why is the grass green? Why are some Indiana local government property tax rates high, while others are low? Let’s leave the answers to the first two to actual scientists. I’ll take a stab at that last one. Suppose we measure the revenue capacity of Indiana local governments. Our counties, cities, school districts, libraries and townships receive revenue from property taxes and local income taxes. Schools get a lot of aid from the state. Counties, cities and towns receive state aid for roads. And there are interest earnings, charges and fees, and dozens of other smaller revenue sources. Let’s calculate the average property tax rate for all Indiana local governments, then multiply that rate by the taxable assessed value in each county. That gives the amount they could collect if their tax rates were just average. Calculate the average revenue from local income taxes by multiplying the average local income tax rate by each county’s taxable income. Then add in school and road aid, which depend on state aid formulas. And take the state average of the other revenues per person, and multiply by county population.
Larry DeBoer: Why is road funding wedded to driver user fees?
WEST LAFAYETTE – The General Assembly is in session, and the big issue this year looks to be road funding. How will we raise the additional $1 billion or more that we need to maintain our roads? Funny thing, we seem to be wedded to the idea that those who use the roads should pay for them. We don’t always think this way for other expenditures. We don’t for K-12 education. The Constitution doesn’t allow tuition for public schools. The authors must have thought that an educated public benefitted everyone, not just the kids and their parents. You could make the same argument for roads. We all benefit whether we drive or not. Even if you walk to the grocery store, the food on the shelves has arrived in trucks, driven on roads.
But, for whatever reason, we want drivers to pay for roads. That’s why we accept excise taxes on motor fuel as a way to fund road maintenance.
Larry DeBoer: Expect 1.7% GDP growth in 2017
WEST LAFAYETTE – Is it September already? While I’m gearing up for my economics class at Purdue, it’s a good time to take a look at the economy. Got to offer those eager young people the latest word! Let’s start with gross domestic product, our main measure of goods and services production. GDP grew 1.2 percent above inflation from July 2015 to June 2016. That’s pretty slow. Don’t blame consumers. Consumer spending increased 2.7 percent above inflation over the past year, and when people buy, businesses produce more products and hire more employees. There are good reasons to think that consumers will keep spending. Job prospects are better. Wages are edging upward. Home and stock prices are up. Let’s put consumers down for 3 percent spending growth next year.
Larry DeBoer: Crunching Indiana's school funding formula
WEST LAFAYETTE – The good folks at the Indiana Department of Education sent me some school finance numbers to play with. School finance is a big topic in the Indiana General Assembly this year, so this is a good time to do some number crunching. Here’s number crunch one. In fiscal year 2015 – that’s July 2014-June 2015 – the state will distribute almost $6.6 billion to public school corporations and charter schools. State aid was $6.2 billion in calendar year 2012 (it was switched to fiscal years in 2013), so that’s an increase of 5.1 percent in two and a half years. Consumer price index inflation was about 3.4 percent during that period, so there’s been a small increase in what state aid can buy. Inflation is expected to be about 2 percent per year during the next biennium. Will aid increase enough to match? The increase in state aid will be one of the most closely watched numbers in the debate over the next budget.
Larry DeBoer: Farmland taxes becomes hot legislature topic
WEST LAFAYETTE – Once again, farmland assessments and property taxes are going up. The Department of Local Government Finance, which oversees the property tax in Indiana, has set the base rate per acre of farmland for 2015 taxes at $2,050 per acre. That’s a 16 percent increase from the base rate for 2014 taxes. In December the DLGF announced the base rate for 2016 at $2,420, another 18 percent increase. The base rate has been rising for years. But, this year, it’s a hot topic in the General Assembly. The base rate is the starting point for farmland property tax assessment. It’s a statewide dollar amount per acre. It’s adjusted by each acre’s productivity index so that the acre’s value reflects how much corn it can grow. Some values are adjusted downward for factors like forest cover or frequent flooding. The resulting assessment is multiplied by the sum of the tax rates for the local governments where the land is located. That’s the tax bill.
Larry DeBoer: Have our taxes gone up?
WEST LAFAYETTE - The headline said “Hoosiers’ taxes rise as income goes down.” The story told of the Tax Foundation’s finding that Indiana taxes had increased from 8.4 percent of income in 2001 to 9.5 percent of income in 2011. Like many, I thought, “You’ve got to be kidding!” Our Legislature has passed big tax reforms, we’ve voted for constitutional amendments, we’ve seen property tax cuts, income tax cuts, corporate tax cuts. And our tax burden has gone up? How?
What happens if we eliminate property taxes on business equipment?
By LARRY DeBOER
WEST LAFAYETTE -The Indiana General Assembly may consider eliminating property taxes on personal property in the upcoming session. Personal property is almost entirely business equipment. Eliminating this tax could encourage more business investment in Indiana, especially since some of our neighboring states have already eliminated this tax. Personal property owners pay about a billion dollars in property taxes to local governments, which is 16 percent of total property taxes. Eliminating this tax would create some big tax and budget issues for legislators to consider. Here's why.
Larry DeBoer: Indiana's good fiscal shape
WEST LAFAYETTE — July 11 was one of the great days on the number-crunching calendar. It was Indiana’s “close-out,” the day the Indiana State Budget Agency wraps up the numbers for the fiscal year.
And there’s no doubt, we’re in good shape. We took in more revenue than we spent in fiscal 2013, and we’ve got nearly $2 billion in the bank, which is a healthy 13 percent of the total budget.
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Holcomb issues first veto on public record charge act
“While I understand the intent behind the bill to offset the considerable time and expense often devoted to fulfilling public records requests, I view this proposed legislation as contrary to my commitment to providing great government service at a great value for Hoosier taxpayers. Providing access to public records is a key part of the work public servants perform and is important from a government transparency standpoint. I do not support policies that create burdensome obstacles to the public gaining access to public documents. I vetoed HEA 1523 for these reasons; however, I support the provision requiring public agencies to provide electronic copies of public records in electronic format (such as emails) if requested.”
, announcing his first veto. HEA 1523 revised charges for citizens seeking public documents.
President Trump a polling bottom feeder
is flagging in the polls, with the latest NBC/WSJ Poll putting his job approval at 40% with 56% disapproving. NBC notes that Trump is “still holding on to Republicans and his most committed supporters. In the poll, 82% of Republican respondents, 90% of self-described Trump voters, and 56% of white working-class Americans” but he stands at only 30% with independents and 34% of college educated whites. And here’s how Trump stacks up with modern presidents at this stage of their presidencies: Eisenhower: 73% (April 1953); Kennedy: 78% (April 1961); Nixon: 61% (April 1969); Carter: 63% (April 1977); Reagan: 67% (April 1981); Bush 41: 58% (April 1989); Clinton: 52% (April 1993); Bush 43: 57% (April 2001); Obama: 61% (April 2009); Trump: 40% (April 2017). Why the low standing? Just 27% give him high marks for being knowledgeable and experienced and only 21% give him high marks for having the right temperament. And then there’s that problem with the truth: Just 25% give him high marks for being honest and trustworthy, down from 34%. On top of all this, he faces a yuuuuge week with the debt ceiling showdown, a new tax plan his Treasury Department doesn’t seem to know about, a second stab at TrumpCare, and that arbitrary "first 100-days" measuring post.
- Brian A. Howey, Publisher
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