Mike Pence a Solid Fiscal Conservative

It looks like Indiana Governor Mike Pence may be chosen as Donald Trump’s running mate. On tax and budget matters, that would be a good choice. While Trump has followed an erratic approach to economic policy issues, Pence has been a solid fiscal conservative.

Cato scored Pence on the 2014 edition of the Fiscal Policy Report Card on America’s Governors. He was only one of four governors who received a grade of “A.” The report noted:

Mike Pence of Indiana has been a champion tax cutter, and he has held the line on spending. He signed into law a 2013 tax package that cut the individual income tax rate from 3.4 to 3.23 percent and repealed the state’s inheritance tax. In 2014 he approved cuts to the corporate income tax rate and to business property taxes, both of which will be phased in over time.

When Pence came to office in fiscal 2013, Indiana’s general fund spending was $14.25 billion. In fiscal 2017, it’s going to be about $15.56 billion. That translates into annual average growth of 2.2 percent, which is substantially less than the 50-state average over those years of 4.2 percent.

Look for a new Cato fiscal report card in October.