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Pence brings tax-cutting cred to Trump ticket: analyst

Pence brings tax-cutting cred to Trump ticket: analyst
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Donald TrumpDonald John TrumpIG investigating Comey memos over classified information: report Overnight Defense: Congress poised for busy week on nominations, defense bill | Trump to deliver Naval Academy commencement speech | Trump administration appeals decision to block suspected combatant's transfer Top Pruitt aid requested backdate to resignation letter: report MORE's running mate has a history of cutting taxes while governor of Indiana, which analysts say could boost the GOP ticket's credentials on the issue.

Trump's tax plan calls for cutting the top individual rate from 39.6 percent to 25 percent and the corporate rate from 35 percent to 15 percent. Indiana Gov. Mike Pence's past actions are in line with the presumptive GOP presidential nominee's proposal.

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"Pence will win kudos from conservatives as a successful tax-cutter who kept his budget balanced with offsetting spending reductions," Richard Auxier, a research associate at the nonpartisan Urban-Brookings Tax Policy Center, said in a blog post.

Pence said in a CNBC op-ed on Tuesday that since he became governor in 2013, Indiana has enacted $3.5 billion in tax relief through 2022. 

"In year one of my administration, I was proud to have signed into law the largest income-tax cut in Indiana history," he said.

Pence signed legislation in 2014 to reduce the state's corporate tax rate from 6.5 percent to 4.9 percent in 2021, according to the Indianapolis Star.

He also accelerated the elimination of Indiana's inheritance tax and was able to achieve a reduction in the individual income tax.

National Association of Manufacturers President and CEO Jay Timmons said manufacturers are "encouraged" by Pence's "support for pro-growth tax reform."

But the liberal Citizens for Tax Justice has taken issue with Pence's cut to Indiana's personal income tax and the fact that Pence co-spsonsored legislation while serving in Congress that would repeal current federal taxes and replace them with a national sales tax. Liberals view national sales taxes as regressive.