Posted on 03/01/2022 3:10:35 PM PST by Oldeconomybuyer
DES MOINES, Iowa (AP) — Iowa Gov. Kim Reynolds on Tuesday signed into law a bill that phases in a 3.9% flat tax over four years, eliminates taxes on retirement income and lowers taxes for corporations at an estimated overall cost of about $2 billion in lower annual total state income when fully implemented.
Republicans pushed the bill through the House and Senate last week in one day, saying they were making historic changes to help Iowans and the state’s economy.
Reynolds signed the bill at LBS, a Des Moines manufacturer and distributor of materials for the production of books and luxury packaging. She was surrounded by Republican legislators and business leaders.
“With this bill, Iowa is now the fourth lowest for individual income tax rates in the nation,” Reynolds said. “There’s never been a better time in Iowa for bold, sustainable tax reform.”
“Kim Reynolds’ agenda rewards her corporate donors, not hardworking Iowans. Under this reckless plan, she’s handing millionaires an extra $1,200 a week, while teachers and truck drivers get less than $12 a week,” said Iowa Democratic Party Chairman Ross Wilburn in a statement.
Reynolds spoke only hours before she was scheduled to give the Republican response to Democratic President Joe Biden’s State of the Union address. Reynolds spent time handing out pens and mingling with those in attendance, but she declined to take questions from reporters.
(Excerpt) Read more at apnews.com ...
Why not just go Texas and get rid of a state income tax?
Don’t get all oiled up. This is a step in the right direction.
If you want to really make money off of taxing flat, shouldn’t you try Kansas?
Getting rid of income tax altogether (like Texas, et al.) is a goal for the Iowa GOP. The trick is doing it without massive property tax increase.
Understood.
How does Texas get revenue? I don’t actually know.
ALL of the states are held to a different standard than the feds, since they can’t print money.
“while teachers and truck drivers get less than $12 a week,” said Iowa Democratic Party Chairman Ross Wilburn in a statement.”
***
BS. Leave it to the Demoncraps to come up with nonsense. Teachers (union) and truck drivers (who are in demand) make triple that amount Maybe this lying POS was talking about teachers and truck drivers in Bangladesh..
Texas has a couple of main income streams.
- Sales Tax
- Franchise Tax (corporate tax in disguise)
Local jurisdictions are funded by real property tax and business personal property tax.
Massive property taxes. If a state really wanted to be free they would eliminate property tax so that people could be actual owners instead of tenants of the state.
I’ve been looking at property in Texas. Noticed their real estate taxes are a lot higher than California. Still a lot better netwise, though.
Given the innumeracy of Dims, I’d have to see the numbers to decide on this. However, it’s to be expected that those in a higher tax bracket would get bigger breaks than those in lower or no tax brackets when going to a flat tax.
There’s the rub.
The Soviet of Washington does not have an income tax, but the libtards tax everything thing else imaginable. We have a variable sales tax depending upon what city you’re in. Some as high as 11%.
Our property tax is high and we have an insidious business tax called the B & O tax (business and occupation) that taxes the business on your gross receipts not net. The first dollar a biz earns the state gets their cut FIRST.
Still hate the income tax.
It depends, My daughter has an exemption for Forestry/wooded Acres/Livestock or something like that and her Property Tax was $2k, about the same as it would be here in CA for the $145K they paid for their house on 7 acres with a pond, well, stream...
The racists!/s
Property taxes are horrible in Texas. Tennessee has n over all lower tax burden.
Land is not taxed too egregious if you get ag or timber exemption. I own a 186-acre tract of mostly pine timber and I pay about $400 in taxes a year. My house is valued around $500,000 and I pay $8,000 a year in property taxes, most of which go to the local brainwashing academy.
Whoever wrote the news article is a liberal hack.
The cut in taxes did not cost the state of Iowa one cent. The money belongs to the individual taxpayer, not to the state. While the state government might have to tighten its belt, so what. The state needs to concentrate on protecting its lawabiding citizens from domestic enemies and maintain the public roads. The counties and municipalities can tax to maintain the local schools. After that, any governmental programs are of questionable value.
No kidding. I own my home in Texas and feel like I’m paying a mortgage anyway.
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