The cost of everyday items keeps increasing, creating tough decisions in family budgets. This is why we sound like a broken record when it comes to this year's tax reform plans: the stakes are high.
Your dollars don't stretch as far as they did even one year ago. Inflation is at its highest level in 40 years, with the biggest increases in basic necessities of food, electricity, and shelter. The cost of everyday items keeps increasing, creating tough decisions in family budgets.
This is why we sound like a broken record when it comes to this year's tax reform plans: the stakes are high.
The state's tax code takes too much money from Iowans. Current estimates indicate that the state will collect nearly $1 billion more in taxes for the current fiscal year than budgeted. Furthermore, over $2 billion will be in the Taxpayer Relief Fund, a special account that collects overpaid tax dollars. Therefore, Iowa needs to cut taxes.
Governor Reynolds and Republican legislative leaders have prioritized tax reform. We appreciate that they listen to what ITR and our members have to say. This week, the governor shared an ITR Foundation article on Facebook and Twitter:
Three Plans to Cut Taxes:
The governor, Senate Republicans, and House Republicans have released three separate reform bills. All three plans significantly lower the individual income tax rate and include a complete retirement income exemption. The governor and Senate also include corporate income tax rate reductions.
For details about each proposal, download:
The bottom line is that all three reform bills let Iowans keep more money in their bank accounts and move our state in the right direction.
Share Your Opinion:
The House scheduled a public hearing for their tax reform plan, HF 2317, on Monday, February 14 at 5:00 p.m. in Room 103 of the State Capitol.
- Speak up: If you would like to participate in the hearing, speaking time will be two minutes per individual and will alternate between pro/con.
- Make a written statement: If you can't attend in person, share your opinion by submitting a written comment.
- Watch: A YouTube link to watch the hearing will be provided on the legislative website after 4:00 p.m. Monday.
What ITR Thinks:
An income tax rate of no more than four percent will be a tremendous win for taxpayers. Iowans will have more money in their pockets, which will have a meaningful impact on family budgets.
ITR registered in support of all three tax reform plans.