Free Republic

<p>With a $500 million budget surplus and $2 billion in reserves, Indiana Governor-elect Mike Pence has pledged to give back some of that money when he takes office next week by cutting personal income taxes.</p> <p>“An across-the-board tax cut for all Hoosiers would send a strong signal that we are managing our funds wisely and also reducing the tax burden on our taxpayers and businesses,” the former U.S. Congressman said while campaigning to replace outgoing fellow Republican Mitch Daniels as governor.</p>

  Gov. Bob McDonnell (R) announced Thursday that Virginia has finished its fiscal year with a surplus of $544.8 million through higher-than-expected tax revenue and savings.Last month, McDonnell announced that the state had a surplus of $311 million on June 30, the close of the year, but Thursday told legislators his administration has been able to save an additional $234.1 million. Virginia law calls for the bulk of the money to be put into the state’s rainy day fund and spent on K-12 education, transportation and Chesapeake Bay cleanup.McDonnell has proposed giving some of the unspent balance to sheriff’s offices...