A $40 Trillion Reminder That Washington Needs Fiscal Restraint

John Hendrickson·
The federal government’s fiscal year 2026 ended on September 30. Even though the financial accounting won’t officially be completed for some time, the Treasury Department reports that, “The federal government has spent $1.97 trillion more than it has collected in fiscal year (FY) 2026, resulting in a national deficit.” And since running a deficit is not a new development, the Treasury Department also tells us that the national debt is $40.26 trillion (at the time…

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Let’s be honest, big government is big bureaucracy, and common sense tells us big bureaucracy is ineffective. That’s why ITR Foundation works to:

  • Research principled solutions
  • Educate Iowans about our solutions
  • Activate Iowans in support of our solutions

By applying the principles of limited government, free enterprise, and the rule of law to public policy, we can ensure all Iowans will have the opportunity to succeed.

ITR Foundation set the policy groundwork for many recent taxpayer victories in Iowa:

  • Increased property tax transparency and spending restraint
  • A 3.8% flat individual income tax rate
  • Elimination of income taxes on retirement income
  • Elimination of inheritance tax
  • Creating a path to reduce corporate income tax to 5.5%
  • Phasing-out special tax incentives in the corporate tax code
  • Banning local universal basic income programs