The most recent Iowans for Tax Relief Foundation Poll, conducted by Cygnal, shows support for conservative candidates and incumbents remains strong, while the economy continues to be top of mind for Iowa voters. (Complete poll results and analysis are available for download below) Governor Reynolds has maintained her lead (+19.0%), over Democrat nominee Deidre DeJear as Senator Chuck Grassley continues […]
Revenue Projections Erase Majority of Tax Reform Cost The State Revenue Estimating Conference (REC) met in October to evaluate the current and next fiscal years, FY23 and FY24. Compared with its previous forecast in March, the REC increased net General Fund revenue by nearly $400 million for the current fiscal year. Even in the face of inflation and a workforce […]
Continued strong revenue collections are evidence that tax cuts were justified in the state of Iowa; without them, the state government would have withdrawn more from the economy than necessary to support its services. The State Revenue Estimating Conference (REC) met in October to evaluate the current and next fiscal years, FY23 and FY24. Compared with its previous forecast in […]
Don’t let these changes fool you. Nobody should believe that the pain of inflation is going to be erased by these IRS adjustments. The federal government’s tax collecting agency released their annual inflation adjustments this month, proving that even the IRS is not immune to inflation. These updates are an attempt to keep inflation from leading to a de facto […]
A majority of Iowans (57.9 percent) oppose the cancellation of student debt, while 32.5 percent support President Biden’s plan. There were mixed emotions in August when President Joe Biden announced his student loan forgiveness plan. This plan forgives up to $10,000 in federal student loans and up to $20,000 for Pell Grant recipients. Private loan holders are not included in […]
Taxpayers in Iowa have had enough of out-of-control property taxes, and they’re looking for solutions. Responsibility for property tax increases does not fall on the assessors but rather local government spending. In a recent ITR Foundation poll, conducted by Cygnal, Iowans were asked whether they supported or were opposed to the State Legislature setting limits on how much a local […]
Support for a constitutional amendment protecting the right to bear arms has grown to 62.2 percent, with only 31.6 percent opposing. In February, ITR Foundation polled Iowans on whether they would support a constitutional amendment on the ballot in November to protect their right to bear arms. There was overwhelming support at that time, as 58.9 percent of those polled […]
Increasing an existing tax or creating new ones rarely provides tax relief. The government tends to benefit more than the taxpayer. When cities sent local option sales tax (LOST) increases to the ballot, they told residents half of the new revenue would be directed toward property tax relief. To the contrary, as one frustrated Iowan in the Des Moines metro […]
The Cato Institute has released their 2022 Fiscal Policy Report Card on America’s Governors. Iowa’s Kim Reynolds was not only one of just five governors who received an A grade from Cato, but this data driven report calculated her score as the highest in the nation! Since 2008, this report has graded the fiscal policies of our nation’s governors from […]
Iowa Governor Kim Reynolds was not only one of just five governors who received an “A” grade, but her score was the highest in the nation! The Cato Institute has released its 2022 Fiscal Policy Report Card on America’s Governors. Iowa’s Kim Reynolds was not only one of just five governors who received an A grade from Cato, but this […]
Gov. Reynolds Widens Lead; Iowans Support Conservative Candidates and Policies ITR Foundation’s new poll, conducted by Cygnal, shows Governor Kim Reynolds is growing more popular, while President Joe Biden remains unpopular. Iowans support a wide range of conservative candidates and policy measures, including spending limits on local governments to control property taxes. Highlights: ITR Foundation President Chris Ingstad said, “It’s […]
People are angry, frustrated, and worried about where our economy is going. At the state level, Iowa is reducing taxes and reducing spending to combat the bad decisions made in Washington D.C. Iowa Senate Majority Leader Jack Whitver is our guest on this episode of ITR Live. As Majority Leader, Whitver leads the Senate Republican caucus, not just through […]
The latest poll shows tremendous support for conservative candidates up and down the ballot. The Generic Ballot tested at +17 for the GOP, indicating the strongest political environment for Republicans in generations. Nobody would ever mistake any of the ITR staff for Creedence Clearwater Revival on karaoke night, but just as CCR saw a bad moon rising, we see […]
The most recent Iowans for Tax Relief Foundation Poll, conducted by Cygnal, shows Governor Kim Reynolds is growing more popular, while President Joe Biden remains unpopular. Iowans support a wide range of conservative candidates and policy measures, including spending limits on local governments to control property taxes. (Complete poll results and analysis are available for download below) Governor Reynolds has […]
A flat tax revolution is sweeping the states. Iowa, Mississippi, Georgia, Arizona, and Idaho have all enacted legislation to move toward a flat income tax rate. “In more than a century of state income taxes, [until these recent changes,] only four states have ever transitioned from a graduated-rate income tax to a flat tax,” notes Jared Walczak, Vice President for State Projects at the Tax Foundation.
Regulations are a necessary part of society, but too much regulation can hinder economic growth and prosperity. Lowering tax rates, limiting spending, and eliminating burdensome regulations was the Trump Administration’s formula to produce pro-growth economic policy. The last item–regulatory reform–is often a forgotten pillar of economic growth. Regulations can be roadblocks for both individuals and businesses, which is why regulatory reform can help further boost Iowa’s state economy.
Only slightly less inspiring than the harvest season in Iowa is the recently reported strength of our state’s budget and strong fiscal management.
ITR Foundation has the details of the final budget numbers for the past fiscal year and a look at the foundation that has been built for the success of our recent tax cuts. This is the second year in a row Iowa experienced a billion-dollar surplus, as the state ended fiscal year 2021 with a $1.24 billion surplus.
Iowa has far exceeded expectations again, as the books are now officially closed on fiscal year 2022. Just over six months ago, Iowa budget experts on the Revenue Estimating Conference (REC) forecast state revenues to be 4.3% more than the previous fiscal year. However, the state ultimately brought in 8% ($717 million) more than last year, resulting in a budget surplus of $1.91 billion.
This is the second year in a row Iowa experienced a billion dollar surplus, as the state ended fiscal year 2021 with a $1.24 billion surplus. While income tax cuts have been phasing in since 2018, these figures provide even more confidence for the coming rounds of rate cuts and the exemption of retirement income scheduled for 2023.