This article was published in the Cedar Rapids Gazette. The House and Senate plan creates a mechanism to eventually eliminate the income tax. In 2022, the CATO Institute’s Fiscal Policy Report Card on America’s Governors ranked Iowa Governor Kim Reynolds the most fiscally conservative governor in the nation. Since 2018, Governor Reynolds and the legislature have placed a priority on […]
This article was published in the Des Moines Register.
Once again, one of Gov. Kim Reynolds top priorities for the 2024 legislative session is income tax reform. A champion of fiscal responsibility, the governor knows restraining spending and returning tax dollars to the hard-working Iowans who paid them is the best path to economic growth. Once one the of the highest-income-tax states in the nation, Iowa in 2022 passed the most comprehensive tax reform in the United States.
Further income tax reform is not only financially sound but fiscally responsible, promoting economic growth by allowing taxpayers to spend and invest their tax dollars as they see fit, rather than growing government.
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.
Iowa taxpayers and small businesses would be better served if federal policymakers made the TCJA permanent, pushed back on proposed tax increases, and fought inflation by cutting government spending. This article was published in The Cedar Rapids Gazette. The Tax Cuts and Jobs Act (TCJA) brought historic tax relief to taxpayers. Taxpayers and small business owners across Iowa benefited greatly […]