Indiana News

Report: Wealth Gap Could Threaten Indiana Revenues

INDIANAPOLIS (AP) _ A new report says Indiana is among the top 10 states most reliant on sales taxes for their revenue, but a growing wealth gap between its richest residents and everyone else could put an increasing strain on the state's revenue system.

The report by the credit ratings agency Standard & Poor's says the rising wealth of the top 1 percent richest Americans has been accompanied by a three-decade-long slowdown in states' revenue streams.

It says that funding squeeze and stagnant wages for most Americans are expected to increase spending pressures on education, infrastructure and social services programs as states struggle to increase their tax revenues.

The report says Indiana could be among the states hardest-hit by that trend because it's highly dependent on it sales tax tied to consumer spending.

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