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"I do want to thank you & House Republicans for your full trust in President [Joe] Biden's economy"
Iowa House Passes GOP Tax Bill, Says Iowa Won’t be the Next Kansas
HF 2317 is wide-ranging, but the part that affects most Iowans are the changes to the individual income tax code. HF 2317 would reduce the individual income tax rate in Iowa to 4% by fiscal year 2026. Starting in fiscal year 2023, the tax rate would drop to 6%, then 5.7%, then 4.82%, before hitting 4%.
As part of the proposal, revenues for the state of Iowa will decrease until Iowa takes in about $1.6 billion less in fiscal year 2028. To offset some of the losses, the plan would transfer $829 million from the state’s Taxpayer Relief Fund—a good portion of which is boosted by federal dollars—over six fiscal years starting in 2023.
During Wednesday’s floor debate, Democrats argued that the flax tax rate was not a fair rate—this was the argument made by House Republicans—but that it was another means to benefit wealthier Iowans at the expense of lower- and middle-income Iowans.
...
House Republicans said the bill was drafted under the premise of Iowa consistently gaining 3-3.5% in state revenues each year, something Rep. Dave Jacoby (D-Coralville) noted. He asked Rep.Lee Hein (R-Monticello) to confirm that for him, which Hein did.
“That’s my only question,” Jacoby said. “I do want to thank you and House Republicans for your full trust in President [Joe] Biden’s economy.”
...https://iowastartingline.com/2022/02/16/iowa-house-passes-gop-tax-bill-says-iowa-wont-be-the-next-kansas/
HF 2317 is wide-ranging, but the part that affects most Iowans are the changes to the individual income tax code. HF 2317 would reduce the individual income tax rate in Iowa to 4% by fiscal year 2026. Starting in fiscal year 2023, the tax rate would drop to 6%, then 5.7%, then 4.82%, before hitting 4%.
As part of the proposal, revenues for the state of Iowa will decrease until Iowa takes in about $1.6 billion less in fiscal year 2028. To offset some of the losses, the plan would transfer $829 million from the state’s Taxpayer Relief Fund—a good portion of which is boosted by federal dollars—over six fiscal years starting in 2023.
During Wednesday’s floor debate, Democrats argued that the flax tax rate was not a fair rate—this was the argument made by House Republicans—but that it was another means to benefit wealthier Iowans at the expense of lower- and middle-income Iowans.
...
House Republicans said the bill was drafted under the premise of Iowa consistently gaining 3-3.5% in state revenues each year, something Rep. Dave Jacoby (D-Coralville) noted. He asked Rep.Lee Hein (R-Monticello) to confirm that for him, which Hein did.
“That’s my only question,” Jacoby said. “I do want to thank you and House Republicans for your full trust in President [Joe] Biden’s economy.”
...https://iowastartingline.com/2022/02/16/iowa-house-passes-gop-tax-bill-says-iowa-wont-be-the-next-kansas/
