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Gov. Holcomb Signs Income Tax Cut into Law for Indiana Residents

Going to the gas pump these days can be a strain on your wallet, and if you have to go to the grocery store, this also can be unpleasant for many reasons. If you actually find the items you want available on the shelves, your excitement will wane when you see the increased prices. Inflation is running rampant in Indiana and across the country. The price of living these days seems to be only increasing, while your paycheck is standing stock still.

As a result of the rising inflation, people are looking at ways to reduce costs to stay afloat. Some governors and state legislatures are stepping up to find ways to reduce the financial burdens that have befallen their constituents. Indiana is one of them. Governor Eric Holcomb announced that he has a plan to cut the individual income tax rate over a seven-year period. With legislative approval, the bill was recently signed into law.

How Can Tax Decreases Help Citizens of Indiana?

When you are taxed less, you take more of your pay home in your pocket at the end of the day. When taxes and prices are steadily rising but your income is not keeping up, you are losing money. 

Depending on your financial situation, you may not be able to manage all of these additional costs. There are some people who are struggling mightily to deal with the current times. These individuals have difficult decisions to make, such as whether they should put food on their table or get the medications that they desperately need. If stuck in a situation like this for too long, the costs could become unbearable. 

If you are struggling to keep up with your debt, you are not alone. There are many people who are figuring out how to stay afloat and pay their bills too. It is a frustrating, distressing, and unnerving situation to be in for anyone. 

In 2020, there were 16,782 cumulative filings of bankruptcy in Indiana and then the following year in 2021, the state had 13,962. It is likely that the decrease from 2020 to 2021 had something to do with the shutdowns and mandates of COVID. But even if COVID was not a factor, all of the bankruptcy filings show that bankruptcy is a common tool for many people and businesses. Across the country in 2021, there were 401,293 bankruptcy filings on record.

In the state of Indiana, Christopher L. Arrington is a Danville bankruptcy attorney who can help you if you have a mounting debt situation that becomes unmanageable. 

Gov. Holcomb’s bill slashes income taxes for Hoosiers from 3.23% to 2.9% incrementally until 2029. Legislators have stated that being responsible for keeping money in the state’s economy is important.

Speak With an Indiana Bankruptcy Attorney Today

Grappling with all-consuming debt can be a difficult challenge and an emotional burden. But there may be options that can help you come out from such a crippling financial situation. Call the Danville bankruptcy lawyer Christopher L. Arrington today to schedule a free consultation to learn more about your legal options at (317) 745-4494.

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