The repeal of the personal property tax for business will remove $1.06 billion from the tax coffers for local governments. That is $1.06 billion less for schools, police, libraries, and other local government services. So far there is no announced plan to let cities, counties, and school districts recover that lost revenue, although there is speculation that it might be replaced with local option income taxes or higher property taxes. In other words it is either cut local services or raise taxes on working Hoosiers who are already struggling to keep up.
This move won’t guarantee those long term, high paying jobs will land in Indiana, but it will absolutely take some of the working middle class and turn them into the working poor. The end result will be a benefit for those at the top of financial pyramid, whittle away from the middle and create even more families that become part of the bottom.
Certainly, big business can be alluring and the possibility of untold jobs filling people’s pockets with riches can be seductive. However, until those promises made in the past to create a prosperous relationship are met it would be a lot better for Indiana’s citizens, cities and counties to turn down the repeal of the business personal property tax. Otherwise we all might end up feeling like a sap.