Last week the taxpayers of Iowa scored a monumental win thanks to the effort of Governor Kim Reynolds and the Iowa Legislature. The passage and signing of this historic tax relief bill will reduce the individual income tax to a flat rate of 3.9% by 2026, begin ratcheting down the corporate income tax to an eventual flat rate of 5.5%, and completely eliminate the retirement income tax in 2023. To learn more about that legislation and to see what ITR Foundation has been working on lately, check out the links below.
Since assuming office in 2017, Governor Reynolds has advanced a policy agenda rooted in limited government and the protection of traditional conservative values. In addition to signing three separate rounds of tax cuts into law, she has been on the frontlines fighting to stop progressive, liberal, woke, policies. The Des Moines Register and Real Clear Policy (among other news outlets) published this piece by ITR Foundation’s John Hendrickson.
Whether it is fighting against vaccine mandates or other federal overreaches, Governor Reynolds has always stood with freedom even when it is unpopular. Read the full article to see how, as the Republican Governors Association put it, Iowa is a place where freedom and opportunity are flourishing.
The tax relief bill that was signed into law last week was over 30 pages long. We’ve tried to make the key aspects easy to understand. Of course, if you prefer to go right to the source, that’s an option, too.
Did you know ITR Foundation regularly conducts public opinion polling? We partner with Cygnal, an award-winning public opinion and analytics firm, to learn what Iowans think about national issues, political matchups, Iowa policy questions, and more.
The most recent ITR Foundation poll shows Governor Kim Reynolds is very popular and Iowans strongly support the idea of a low flat tax. Additionally, a plurality of Iowans support United States military involvement in the Russia-Ukraine conflict.
Simplistic approaches to reform, such as “Medicare for All”, are unrealistic and would prove inadequate. To address our current healthcare problems, we should look to other countries for ideas, while looking within our own country to see what is possible. Then we can create a uniquely American solution for our citizens.
With the passage of historic tax reform, Iowa is becoming a national leader on state tax policy. For the most part, Iowa’s income tax rates have kept moving higher and higher since they were instituted in 1934. But keeping the growth of spending restrained in recent years created the opportunity to make significant cuts to our state’s individual and corporate income tax rates. Iowa’s progress is a story worth telling. Publications like The Waterloo-Cedar Falls Courier shared ITR Foundation’s work on the historical significance of 2022’s tax relief bill.
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