Our friends in Texas have published a new report entitled Reversing the Recovery, that details how the proposed Build Back Better spending plan could affect our national economy, including how it would impact each individual state. Their conclusion?
Iowa would be responsible for shouldering $43 Billion in new debt and lose 51,000 jobs.
From the report:
“This plan includes heavy taxing, spending, and debt, which contributes to reducing growth rates for GDP, employment, income, and capital stock.”
Some of the tax proposals considered in the plan include increasing the top marginal rate for individuals, corporations, capital gains, and estate taxes.
“These taxes threaten to reverse the economic recovery, with families having less income and more debt.” Iowa’s economic recovery from the pandemic has been one of the most robust in the country. Big government tax and spend plans threaten to reverse that progress. We have to keep the politicians in Washington from committing all of us to something our country simply cannot afford.