This Independence Day, Hoosiers’ grocery bills will be a lot higher when hosting their annual barbecues. Thanks to 40-year high inflation, Americans will pay 17 percent more this year when stocking up on hamburger meat, hot dogs, buns, cheese, pop and other items, according to the American Farm Bureau Federation. In Indiana, the increase is about 13 percent.
Due to failed policies at the national level, every day it is becoming more difficult for Hoosiers to feed their families. Food prices jumped 11 percent in one month alone from May over April, according to the U.S. Bureau of Labor Statistics. To help, I’ll join my fellow lawmakers back at the Statehouse on July 25 to provide relief by returning money to taxpayers.
Gov. Eric Holcomb recently called a special session with the goal of returning $1 billion to Hoosier taxpayers via a taxpayer refund. This is possible because of Indiana’s strong economy and revenues continuing to exceed projections. Under the plan, each taxpayer would receive around $225, in addition to the previously announced $125 automatic taxpayer refund. To learn more about the taxpayer refund, visit the Indiana Department of Revenue website at in.gov/dor.
This is only one way we’re helping Hoosiers keep more of their hard-earned money. This year, I co-authored a historic $1 billion tax-cut package to reduce income taxes and utility bills for Indiana residents. Once fully phased in, Indiana would have one of the lowest income tax rates in the nation. The 2023 legislative session will be a budget year and, as a member of the House Ways and Means Committee, I look forward to continuing to explore ways to both provide tax relief while ensuring we fund critical services for Hoosiers.
In addition to our strong revenues and low taxes, Indiana continues to live within its means, pay down debt and invest in the future. From 2013 to 2022, Indiana deposited an additional $4 billion beyond annual obligations into the Pre-’96 Teacher Retirement Fund, moving the expected pay-off date from 2036 to 2029. According to Moody’s, Indiana currently has the sixth lowest debt per capita in the United States. By paying off obligations early, we are well poised to lower taxes in the future.
Despite Indiana’s strong economy, none of us can escape the weight of inflation caused by a lack of leadership in Washington, D.C. I am ready to return to the Statehouse this July to help ease some of the burden for hardworking Hoosiers.
