Indiana sitting on $3.9 billion in reserves, promising refundable income tax credit

[gregr]

Wait for it...you`ll hear all the usual suspects line up, hands out, asking for your taxpayer monies for their various agendas and projects. We`ll see how much of OUR money we get back...

Indiana sitting on $3.9 billion in reserves, promising refundable income tax credit

The state had reserves of about $2.2 billion in April.

www.wthr.com

 

[jwamplerusa]

At this point I think I would prefer Indiana use that money to get off the Federal government teet.

If Federal monies come with strings attached, say no thank you, and do what is best for the State. Start with education, then environment, and work out from there.

 

[KellyinAvon]

How about a tax credit for firearms training and storage devices?

 

[KLB]

Keep it in the bank for the next time things are tough.

 

[Knight Rider]

Not their money. Give it back!

 

[DadSmith]

A lot of small businesses could use a tax refund.

 

[gregr]

A lot of small businesses could use a tax refund.

A LOT of TAXPAYERS could use THEIR monies back!

 

[terrehautian]

The last time this happened, somehow my employer didn't take enough taxes out or my tax preparer did it wrong and if it wasn't for the extra coming back to me, I would have owed. Since then, I have my employer take out an extra $10 state and federal which I almost always get back fully (state possibly not fully). My wife and I don't take exemptions even though we could claim multiple ones for the fact that once a year, the refund replenishes savings or goes towards big bills (or if something goes wrong and we owe, we should have it covered). Next year, I got an idea of what we should get back and I plan on paying off my car.

 

[mbkintner]

I've never understood the idea of looking forward to a refund. Getting money back just means you gave the government (state or federal) a free loan. I'd rather pay them when I file than have them refund MY MONEY. I can do better things with that money all year long that actually benefits me.

 

[phylodog]

I've never understood the idea of looking forward to a refund. Getting money back just means you gave the government (state or federal) a free loan. I'd rather pay them when I file than have them refund MY MONEY. I can do better things with that money all year long that actually benefits me.

I've heard that from a lot of people. I'd much rather have a surplus come tax time than to have to pay. Life tends to get interesting from time to time, I don't need an unexpected major financial issue made worse by the tax man knocking on my door.

 

[DadSmith]

I've heard that from a lot of people. I'd much rather have a surplus come tax time than to have to pay. Life tends to get interesting from time to time, I don't need an unexpected major financial issue made worse by the tax man knocking on my door.

They are a pain l. I've had first hand experience with these people. Threatened me with Federal Court if I did not pay them $1221.37 immediately.
I ask if I could pay them off in 4 monthly payments he said no. That guy was a total jerk. I told him to leave my property, and I would hire a lawyer, and he could talk to him from that point on.
With a Lawyer they accepted around $600. That paid for the Lawyer and left about $150 in my pocket. So when people say the Federal government has bigger fish to fry. I chalk it up as they don't really know much about an all powerful federal government.

 

[mbkintner]

I've heard that from a lot of people. I'd much rather have a surplus come tax time than to have to pay. Life tends to get interesting from time to time, I don't need an unexpected major financial issue made worse by the tax man knocking on my door.

Take the extra you'd have each month from not overpaying the government and save it; even better...invest it. If you can afford to not have it while letting the government hold it for you then you can afford to not have it while letting it work for you in investments.

 

[Tombs]

Not their money. Give it back!

This is deceptive, we're in debt but they're apparently putting money in an account on the side.

I'd say pay off the debt the state has. This BS Indiana does is absurdly dumb. We don't have a surplus of money, we're in debt. Making another account and putting money in that account doesn't make a surplus lol.

 

[phylodog]

Take the extra you'd have each month from not overpaying the government and save it; even better...invest it. If you can afford to not have it while letting the government hold it for you then you can afford to not have it while letting it work for you in investments.

Works great until the furnace takes a dump, there's a medical issue and we have to pay the full deductible at once or our government decides to change the rules at the last minute just before tax time.

I get it but the amount of money I'd make saving or investing what I pay in taxes wouldn't be worth the effort of investing it. Been doing it this way since I started working at 14 and in those 34 years I've never once worried about tax season.

 

[DadSmith]

Better yet remove the Indiana fuel tax per gallon. 18 cents a gallon will save everyone some money.

 

[Trevelayan]

If we were smart we'd invest in our crumbling infrastructure, mainly bridges, cables, and drainage.


Good roads are conducive to good business which would keep our economy going long term.

 

[mbkintner]

Works great until the furnace takes a dump, there's a medical issue and we have to pay the full deductible at once or our government decides to change the rules at the last minute just before tax time.

So how would someone pay for either of the above while waiting for their next refund? Or do these events conveniently only happen the week the refund check shows up?

To be clear...not trying to get you to change your mind. Not my place to do so. Just healthy debate.

 

[Ark]

Personally I like the idea of living in a state with a significant cash reserve for emergencies. Better than just handing it out on random gibs.

However I do thing we are overdue to cut sales tax back down to 5%, especially since Indiana is raking it in from online sales now. The ONE thing Republicans are supposed to be able to do is cut taxes, yet they so rarely do around here. Start chipping away at fees and gas tax and everything else, and let the cash in the bank earn interest.

 

[DadSmith]

Personally I like the idea of living in a state with a significant cash reserve for emergencies. Better than just handing it out on random gibs.

However I do thing we are overdue to cut sales tax back down to 5%, especially since Indiana is raking it in from online sales now. The ONE thing Republicans are supposed to be able to do is cut taxes, yet they so rarely do around here. Start chipping away at fees and gas tax and everything else, and let the cash in the bank earn interest.

That's a good idea too.

 

[femurphy77]

They are a pain l. I've had first hand experience with these people. Threatened me with Federal Court if I did not pay them $1221.37 immediately.
I ask if I could pay them off in 4 monthly payments he said no. That guy was a total jerk. I told him to leave my property, and I would hire a lawyer, and he could talk to him from that point on.
With a Lawyer they accepted around $600. That paid for the Lawyer and left about $150 in my pocket. So when people say the Federal government has bigger fish to fry. I chalk it up as they don't really know much about an all powerful federal government.

Similar tactics kept the Soviet Union strong for years; kick the **** out of some small, non-descript country occasionally and people will leave you alone because they're badasses. Same thing with our government only without the gulags.