Iowa’s tax code is becoming more competitive, allowing individuals and businesses to flourish in a low-tax environment. When Iowa’s corporate income tax was 12 percent, it was one of the highest in the nation. Starting on January 1, 2024, the top tax rate applied to corporations’ income will be lowered from its current 8.4 percent, which is still tenth-highest, to […]
Iowa’s Chief Executive views the budget surplus as an over collection of taxes. In announcing Iowa’s $1.83 billion surplus, Governor Kim Reynolds stated her desire to continue cutting taxes in 2024, “Some see a surplus as government not spending enough, but I view it as an over collection from the hard-working men and women of Iowa… I look forward to cutting […]
Conservative budgeting has been a pillar of the state’s fiscal policy in recent years and Iowans would benefit from all of their local governments taking a similar approach. The team at Iowans for Tax Relief Foundation has been talking to Iowans all across the state lately. One topic that has been part of each one of those conversations is property […]
The State of Iowa and local governments would be wise to reduce their dependence on federal funding. The U.S. House of Representatives returned to Washington, D.C. after its summer recess and went right to work. A looming federal budget battle may result in a government shutdown, and both chambers of Congress only have a few more working days scheduled before the September […]
Believe it or not, the focus in the Iowa presidential caucus is starting to shift from the personalities of the candidates to their actual policies. August delivered a plethora of campaign swings throughout Iowa including the State Fair, which provided a platform for candidates to discuss issues. The first Republican debate, although light on tax policy, allowed the candidates to start engaging on a number of issues. For Iowans, there is an important intersection of tax policy we should be paying closer attention to: federal estate tax laws and the capital gains tax. More specifically, Iowans must be wary of any changes to how the cost basis of inherited assets is calculated or our farm families could end up paying a steep price.
A streamlined path to market leads to greater innovation, more economic growth, and lower prices for consumers. The concept of a regulatory sandbox has emerged as a popular way to promote innovation and experimentation while still operating within the confines of government oversight. A regulatory sandbox is essentially a controlled environment where businesses can test ideas, products, and services without […]
The Tax Cuts and Jobs Act of 2017 (TCJA) was the most significant pro-growth tax reform measure in recent years. Taxpayers in Iowa, whether individuals or small business owners, benefited greatly from the tax relief and reforms as a result of the TCJA. However, effective policymakers failed to make the TCJA permanent and key provisions are scheduled to sunset starting in 2025. These provisions, unless renewed or made permanent, will result in significant tax increases. Further, the tax increases will harm the national economy, which is already on shaky ground.
With exceptional valuation growth over the years, it is time to force local governments to cut back and live within their means. Property taxes are, without a doubt, the most hated tax in Iowa. Rightfully so, as the bill goes up year after year and the services Iowans receive do not equate to the increase. Iowa currently has the 10th highest property tax […]
The more the federal government can stay out of the way, the better.
The battle for the Republican presidential nomination is heating up, and the national spotlight will continue to shine on Iowa as candidates flock to the Hawkeye State to court voters. In January, Iowa Republicans will hold the first-in-the-nation presidential caucus, but national attention is a result of more than just the campaigns. Presidential candidates and the media are focusing on Governor Kim Reynolds and Iowa’s record of advancing conservative economic and social policies.