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Iowa lawmakers have struck a deal on tax cuts. Here’s what’s in it.

admin by admin
February 25, 2022
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Iowa lawmakers have struck a deal on tax cuts. Here’s what’s in it.

Iowa will move to a 3.9% flat income tax rate under a compromise between legislative Republicans and Gov. Kim Reynolds that paves the way for passage of the massive tax cut.

Senate lawmakers voted to pass the bill Thursday afternoon, with the House expected to follow, which would send the bill to Reynolds’ desk for her signature. The deal means the governor will have a new achievement to tout in a nationally televised speech Tuesday, when she gives the Republican Party’s rebuttal to President Joe Biden’s State of the Union speech.

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House Speaker Pat Grassley, R-New Hartford, said the plan will provide “significant tax relief” and shows Republicans are upholding the promises they made to cut taxes.

“Before session, we said we were going to provide real tax relief for Iowans,” he said. “We have an overcollection of their money, and we’re going to get it back in their hands as quickly as possible.”

What the high-profile job of delivering the State of the Union response could mean for Kim Reynolds

In all, the bill would reduce state revenues by nearly $1.9 billion when fully implemented, according to an estimate from the nonpartisan Legislative Services Agency.

Democrats have said repeatedly that the plan skews benefits toward wealthy Iowans.

“Our biggest concern is that this plan preserves extraordinary tax cuts for the richest people in the state of Iowa,” said Senate Minority Leader Zach Wahls, D-Coralville. “People who are earning high incomes will have the biggest benefit. Everyday Iowa families will see a real but small tax cut.”

What’s in the Iowa tax cut deal? What’s out?

The bill would cut Iowa’s income tax to a 3.9% flat rate for individuals by 2026. It would also exempt retirement income such as 401(k)s, pensions and IRAs from state taxes and overhaul some of Iowa’s corporate tax credits.

Along the way, the bill would eliminate Iowa’s progressive income tax system, where wealthier Iowans pay higher rates than lower-income Iowans. Iowa would join 10 other states with some form of flat income tax.

Read more…

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