Home Local News IOWA LAWMAKERS PONDER HOW LOW STATE TAXES CAN GO

IOWA LAWMAKERS PONDER HOW LOW STATE TAXES CAN GO

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IOWA SENATE G-O-P LEADER JACK WHITVER SAYS REPUBLICANS HAVE RELEASED A TAX PLAN TO LOWER THE STATE INCOME TAX TO THREE-POINT-SIX PERCENT WITHIN FIVE YEARS.

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IT’S LESS THAN GOVERNOR KIM REYNOLDS PROPOSAL OF A FOUR PERCENT RATE WITHIN FOUR YEARS.

THE SENATE GOP BILL INCLUDES REYNOLDS’ PROPOSAL TO ELIMINATE TAXES ON RETIREMENT INCOME AND PROVIDES A TAX BREAK FOR RETIRED FARMERS.

WHITVER SAYS WHEN FULLY IMPLEMENTED, THE PLAN WILL REDUCE STATE INCOME TAXES BY TWO BILLION DOLLARS.

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THE PLAN ALSO CUTS THE CORPORATE INCOME TAX RATE ALONG WITH CHANGES TO REDUCE TAX CREDITS AND EXEMPTIONS FOR BUSINESSES BY 140 MILLION DOLLARS.
WHITVER SAYS IT’S AN ATTEMPT TO REFORM HOW CORPORATIONS ARE TAXED.

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THERE’S ALSO A MANEUVER THAT RECLASSIFIES LOCAL OPTION SALES TAXES AS A STATEWIDE TAX.

WHITVER SAYS THE MOVE WOULD LET LAWMAKERS PUT OTHER STATE FUNDS IN THE VOTER-APPROVED, LONG EMPTY ACCOUNT FROM 2010 TO PAY FOR WATER QUALITY AND OUTDOOR RECREATION PROJECTS.

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HOUSE REPUBLICANS PLAN TO RELEASE THEIR OWN TAX PLAN SOON AND PROMISE IT WILL NOT RAISE TAXES FOR ANY IOWAN.

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