In April we passed the largest state tax cut in Indiana's history, totaling more than $1 billion in tax relief. And we did it without secretly raising taxes elsewhere. A number of other states have boasted of proposed tax cuts this year (most of which never made it into law), while quietly proposing tax increases elsewhere to pay for the cuts. In Indiana we cut income taxes, abolished the inheritance tax, and cut taxes on financial institutions to make more capital available to start-ups and business owners—all without raising taxes elsewhere.
Here's the thing about Indiana: We were able to cut taxes and hold the line on spending. Not only did we achieve historic tax cuts, we did so while holding spending growth to the average rate of inflation over the past decade.
And that's not all. Not only did we cut taxes, and not only did we hold spending growth in check, but we are also running surpluses in excess of $100 million per year. We are maintaining reserves of nearly $2 billion.