Greensburg Daily News, Greensburg, IN

News

February 11, 2014

Tax haven revenue could offset property tax repeal

Gov. Mike Pence has spent months pushing the idea of repealing the tax on business equipment that provides $1 billion a year to schools, libraries and local governments.

He’s yet to come up with a plan to replace those lost tax dollars.

Pence argues that freeing businesses from the burden of taxes on their equipment will spur growth. That, in turn, will lead to prosperity that will boost the fortunes of local communities.

Elkhart County Commissioner Mike Yoder has another idea. To replace the tax revenue lost by the locals, the state should go after dollars lost to offshore tax havens used by businesses.

“Why aren’t we recouping some of that tax revenue?” Yoder said. “The state could go after that money and turn it over to the locals as replacement revenue.”

It’s a question asked only half in jest. According to a new report published in Governing magazine, state governments failed to collect more than $20 billion in taxes in 2011 from corporations that socked away money in the Cayman Islands and other well-known tax havens.

The report, by the U.S. Public Interest Research Group, identified 31 states that saw more than $100 million in corporate tax revenue go uncollected in 2011. Indiana is one. According to the report, it lost $463 million to offshore tax havens.

Only two states, Montana and Oregon, have passed laws to recoup some of that money, by requiring companies to report profits from subsidiaries in foreign countries known for their tax-dodging loopholes. The PIRG report speculates on one reason that more states haven’t moved: Well-funded business groups employ ample resources to oppose tax reforms.

Whatever is behind Indiana’s losses to offshore tax havens, the proposal from Yoder is compelling for another reason.

The county commissioner is a fiscally conservative, business-supporting Republican – just like the governor. He too wants to see prosperity return to his community, which was hit hard by the recession that cut deeply into his county’s manufacturing economy.

Text Only
News
  • AT A GLANCE... Obituaries: Brenda Precious Ross McMillian, 67 Lawrence E. Schroeder, 94 Maryland Beth Beard, 89 Thank you! The Daily News thanks the following subscribers for their continued readership: Francis Wesseler-Greensburg John Wheatley-Greensburg decatur

    April 24, 2014

  • Early voting continues through May 5 About 100 Decatur County residents already have voted, and early voters have until noon May 5 to cast a ballot before primary election day. Election Day is May 6. Polls will be open 6 a.m. to 6 p.m. Until then, voters can cast absentee ballots at the

    April 24, 2014

  • Legion's Day for Children and Youth is Saturday GREENSBURG - The well-being of Decatur County children is the focus of a program at the Welsh-Crawley-Kramer American Legion Post this weekend. Set to run from 11 a.m. to 3 p.m. Saturday, the Legion's Children and Youth Awareness Day will bring law e

    April 24, 2014

  • nws-gb042314-youth to yellowstone - pic Youth to Yellowstone trip to inspire teens GREENSBURG - In a couple short weeks, six local high school students will be chosen to be part of a group that will visit Yellowstone National Park this summer. Helming a project called "Youth to Yellowstone," the trip's organizers, many of whom are

    April 24, 2014 1 Photo

  • nws-gb042414-ges dancing drum - pics1 GES program full of drumming, dancing, clapping and chanting GREENSBURG -- "Rhythms from around the World" echoed through the gymnasium at Greensburg Elementary School (GES) all day Wednesday, as rhythm-based educational duo Dancing Drum entertained students in three separate sessions. According to Dancing Dru

    April 24, 2014 2 Photos

  • Decatur County Events Calendar Local clubs, service groups, fraternal organizations and others are encouraged to send their Coming Events information to the Daily News at news@greensburgdailynews.com or Daily News, PO Box 106, Greensburg, IN 47240. April 24 7 p.m. - "Meet Your Can

    April 24, 2014

  • nws-gb042414-Relay Garage Sale logo Annual Relay for Life garage sale approaches GREENSBURG - Multiple teams from the Relay for Life will be holding a large garage sale at the Decatur County Fairgrounds on May 3 and 4. Each team will have many items for sale, which may include but is not limited to: Clothing of all sizes for chil

    April 24, 2014 1 Photo

  • Cougar boys win Charger Invitational The South Decatur boys track and field team captured the Charger Invitational win Thursday afternoon at North Decatur. The North track and field program hosted South, Milan, Knightstown, Tri High and Waldron. The South boys scored 141 points, well ah

    April 23, 2014

  • Decatur County Events Calendar Local clubs, service groups, fraternal organizations and others are encouraged to send their Coming Events information to the Daily News at news@greensburgdailynews.com or Daily News, PO Box 106, Greensburg, IN 47240. April 24 1:30 to 3 p.m. - Croche

    April 23, 2014

  • AT A GLANCE... Obituaries: Lawrence E. Schroeder, 94 Edith May Aulbach, 99 Thank you! The Daily News thanks the following subscribers for their continued readership: Jerry Downey-Greensburg Ruth Hamilton-Greensburg decatur county events calendar Local clubs, se

    April 23, 2014

Featured Ads
SmugMug Photo Galleries


Share your photos with us!

AP Video
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.