INDIANAPOLIS – Freshman Indiana Governor Eric Holcomb whole-heartedly approved of a tax bill that would result in middle-class Hoosier families paying higher taxes while the wealthiest see a significant tax cut and the federal deficit balloons.
Holcomb signed onto a letter from Republican governors backing the McConnell tax bill, legislation that would drastically tilt the tax code in favor of the wealthiest Americans. By 2027, families earning between $40,000 to $50,000 would see their tax bills climb by $5.3 billion, paving the way for a tax cut totaling $5.8 billion for Americans with incomes of $1 million or more. This while adding as much as $1.4 trillion to the federal debt. The Republican Governor’s Association spent over $10 million on the effort to elect Holcomb in 2016.
Indiana Democratic Party Chairman John Zody questioned Holcomb’s motivation for his unprompted endorsement.
“Hoosiers want a tax code that levels the playing field for small businesses and grows good-paying jobs, not a handout for the well-connected and well-off,” said Zody. “Why is the governor spiking the football on a bill that favors lobbyists and the wealthy over everyday Hoosiers? Working Hoosiers are frustrated that their government isn’t working for them. Governor Holcomb’s endorsement of this middle-class tax hike is proving that frustration warranted.”