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.
Governor Kim Reynolds is growing Iowa’s economy by making the tax code more competitive and ensuring that hardworking taxpayers get to keep more of their money. During her Condition of the State address, the Governor stated that not only do we “need to continue the conversation about cutting taxes,” but she also called for the repeal “of the unnecessary triggers […]
Iowa’s is one of six states that still levies an inheritance tax. This obsolete tax not only punishes the individual who has died, but also punishes the intended recipient. Previous Iowa legislatures have eliminated the inheritance tax for spouses and other lineal beneficiaries. Yet, the tax remains for non-lineal recipients. In past sessions, the Iowa legislature has considered abolishing or […]
Iowa is one of six states that levies an inheritance tax. The other five states include Nebraska, Kentucky, Pennsylvania, New Jersey, and Maryland. Indiana is the most recent state to repeal its inheritance tax in 2013. Even several high tax states do not have an inheritance tax. Previous Iowa legislatures ended the inheritance tax for spouses and lineal ascendants and […]