Gov Pence looking to phase out property taxes.

[ATOMonkey]

Best idea ever. Can you imagine actually owning your property and not just renting it from the state? What a glorious day that will be. I really really really really hope this gains traction and passes.

 

[Expat]

I hadn't seen that except for business personal property. How does he plan to offset the funds? Is there a link to his plan?

 

[The Keymaster]

Yeah, I would love to know where all the money is going to come from.

 

[eldirector]

Any linkage?

We just had the 1% added to our constitution, so I am surprised Pence is looking to change it again.

I assume this will be offset with usage taxes, like other states do?

Edit: the news stories I see are for BUSINESS property taxes, not personal property.

 

[ATOMonkey]

Yeah, I would love to know where all the money is going to come from.

I'd like to know why this is always the standard response.

Has government ever had a problem "finding money"? Also, to quote a wise man, "you'd be surprised by the amount of government you won't miss."

Focus on the fact that a business can actually OWN the land, material, buildings, etc it uses to provide us with goods or services. I believe farms are counted as business property, correct? Wouldn't it be good for farmers to own their land?

In my opinion, this is another positive step in the right direction.

First, they did away with inventory tax.

Then they capped property tax.

Hopefully next, they'll do away with Business property tax.

After that they can repeal personal property tax.

Indiana will then be THE ONLY state in the union with no property tax.

Indiana has also started to phase out Inherritance tax as well.

I see a very bright future for the Hoosier state if we continue down this path.

 

[jwh20]

Property tax is one of the most destructive taxes ever devised. Not only does it discourage investment and development but it unfairly penalizes those who find themselves property rich but income poor. It taxes something that is simply held vs. something that is earned.

It's so sad to see elderly and other fixed income people forced to sell their homes and move because they can't afford the property taxes.

I would much rather see property taxes replaced by (in order of priority):

1) Local school system SPENDING CUTS! In spite of the lies spread by school administrations there is NOT a causal relationship between school funding and academic performance!
2) State spending cuts.
3) Income tax increase.

 

[firehawk1]

Oh the humanity.... those evil republicans... Think of the children.... how will we pay for education and the 3-4 football fields alot of schools need, or the Taj Mahal bazillion dollar type schools everyone just has to have?

BTW, aren't there some states already that have no property taxes and the difference is in higher sales taxes? I'm thinking my sister that lives in Oregon pays no property taxes...

 

[MisterChester]

I'd actually would rather see the sales tax disappear.

 

[printcraft]

............Edit: the news stories I see are for BUSINESS property taxes, not personal property.

I pay both already.

Taxing me twice is twice as nice....... wait....

 

[Hawkeye]

The pan is to phase out personal property tax for business.

Pence Plan Could Phase Out Business Personal Property Tax | News - Indiana Public Media

This would mean that a business would not pay property tax on, say, its manufacturing equipment used in Indiana. A store would not pay personal ppty tax on its shelves and desks that sort of thing.

This would not impact the property tax on real estate such as your home or farm.

 

[Lex Concord]

The pan is to phase out personal property tax for business.

Pence Plan Could Phase Out Business Personal Property Tax | News - Indiana Public Media

This would mean that a business would not pay property tax on, say, its manufacturing equipment used in Indiana. A store would not pay personal ppty tax on its shelves and desks that sort of thing.

This would not impact the property tax on real estate such as your home or farm.

A shame the OP's take wasn't correct.

If it's too good to be true, it probably is.

Property (real estate) taxes are one of the most onerous forms of taxation; their repeal should be high on the list of any lover of liberty.

 

[Leo]

When you think about it, businesses already DO NOT PAY property tax. That money comes from the customers who pay more for the product and workers who have lower pay. "Eliminating the middleman" in this case will allow the business to offer their product at a more competitive price, and maybe pay their workers a little more. They should be able to sell more and employ more people. It would also make other companies more interested in locating here, bringing more employment.

.....opps........sorry, I forgot about nationalized healthcare.............that will trump everything anyone can do that is even remotely productive. Sorry, I was daydreaming about what life is supposed to be like.

 

[strokin7.3]

When you think about it, businesses already DO NOT PAY property tax. That money comes from the customers who pay more for the product and workers who have lower pay. "Eliminating the middleman" in this case will allow the business to offer their product at a more competitive price, and maybe pay their workers a little more. They should be able to sell more and employ more people. It would also make other companies more interested in locating here, bringing more employment.

.....opps........sorry, I forgot about nationalized healthcare.............that will trump everything anyone can do that is even remotely productive. Sorry, I was daydreaming about what life is supposed to be like.

Yea you also forgot about the fact that most of them would just pocket the money instead of distributing it to the employees and consumers.

I would love if this were to become a reality though.

 

[GodFearinGunTotin]

A shame the OP's take wasn't correct.

If it's too good to be true, it probably is.

Property (real estate) taxes are one of the most onerous forms of taxation; their repeal should be high on the list of any lover of liberty.

Yep...had me going there for a few posts.

 

[eldirector]

When you think about it, businesses already DO NOT PAY property tax. That money comes from the customers who pay more for the product and workers who have lower pay. "Eliminating the middleman" in this case will allow the business to offer their product at a more competitive price, and maybe pay their workers a little more. They should be able to sell more and employ more people. It would also make other companies more interested in locating here, bringing more employment.

.....opps........sorry, I forgot about nationalized healthcare.............that will trump everything anyone can do that is even remotely productive. Sorry, I was daydreaming about what life is supposed to be like.

In that case, I don't really pay personal property tax. I just pass it along to my employer by demanding higher wages.

Seriously, If approx. 51% of my income wasn't taxed away (How much tax do we really pay?), I could afford to work for much less at the same standard of living.

Property taxes are a racket. Much like "protection" money paid to the mob, if you don't pay your percentage, they take everything.

 

[John Titor]

If Pence and the legislature do this , eliminate property tax ( witch I severely doubt due to the schools - teachers unions - parents and the stupid among the public ) , if they do eliminate it .
You will see wealth , prosperity and revenue poor into this state from business and people moving here to OWN what they pay for and knowing that they can pass it on to their children with no worry .
You will see elderly move here so that they can buy their home knowing they can die there and not fear being put on the street with a tax warrant .

If we do this and yes we should and it should have been done when Mitch had the chance with the change in the constitution on property tax ... it could be one of the best things done for the
country at large in years ... How ? Copy Cat legislation . When other states see how it will help Indiana economical and how they will LOOSE revenue . They will change to hold on to the people and money they
already have .

I don't believe we as a people have the guts to do it . But you never know .

 

[Trigger Time]

Yeah, I would love to know where all the money is going to come from.

I don't care where they get the money from. Here's an idea, cut services! Streamline our wasteful government. Property taxes are nothing but extortion. Charge me for the services I use and nothing more.

 

[handyman]

I don't care where they get the money from. Here's an idea, cut services! Streamline our wasteful government. Property taxes are nothing but extortion. Charge me for the services I use and nothing more.

Sir, I would like to see you run for governor. You have my vote!!

 

[Trigger Time]

If Pence and the legislature do this , eliminate property tax ( witch I severely doubt due to the schools - teachers unions - parents and the stupid among the public ) , if they do eliminate it .
You will see wealth , prosperity and revenue poor into this state from business and people moving here to OWN what they pay for and knowing that they can pass it on to their children with no worry .
You will see elderly move here so that they can buy their home knowing they can die there and not fear being put on the street with a tax warrant .

If we do this and yes we should and it should have been done when Mitch had the chance with the change in the constitution on property tax ... it could be one of the best things done for the
country at large in years ... How ? Copy Cat legislation . When other states see how it will help Indiana economical and how they will LOOSE revenue . They will change to hold on to the people and money they
already have .

I don't believe we as a people have the guts to do it . But you never know .

Yep. I believe we should only pay for the services we us and only pay taxes if we so choose. So if I don't want to pay fuel taxes I'll ride a horse. If I don't want to pay sales tax then I'll reduce my spending.
There should be no slavery (income) tax. And NO property (rent) tax!
Eliminate them. Raise sales taxes and the money will be there! What is a government with a surplus and a govt with debt have in common? They are both flawed.
If you have ever worked as a cashier, a drawer that is over is looked at just as badly as a drawer that is short. Someone gets ripped off either way. So the work was inefficient.

We should also have the option to opt out of programs like social security. I'd trust a wild monkey to run my savings more than cheat politicians wearing a suit.

when any entity runs on a fixed budget then pissing money into the winds stops being an option. Like losing 10 million dollars in a bad investment and just shrugging it off. Someone should be in jail! And the prime suspects are in a white building on a hill, besides the clown living behind the gates I the other white building

 

[findingZzero]

Isn't the state already in the hole for about 238 mill this year from Pence's tax cuts?