In his run for governor, Mike Pence is floating the notion of cutting Indiana’s income tax rate and eliminating its estate tax. Not really a rational plan for a state with a $2 billion debt to the feds caused by a years of a weak economy and even more years of underpaying into the unemployment insurance fund. State pension funding has also been less than sufficient for probably decades.
And, I’ve been over my aversion to getting rid of estate taxes while we still have other sorts of taxes. As taxes go, in my opinion, the estate tax is less objectionable than an income tax. I figure a guy has a greater claim to all of his income at the end of a work week than an heir has to someone else’s estate.
Promises of tax cuts are just a version of the old campaign game of “everyone can have what they want and we never have to pay for it.” It works because people can’t or won’t do the math to see that these things rarely add up.
