The TEF Iowa cartoon above perfectly illustrates the status of income tax reform. Iowa's high income tax rates are scheduled to be reduced in 2023 if state revenue grows to a certain level and is at least four percent above the prior fiscal year. What if revenue growth is less than four percent? Iowa keeps taxing you with high rates.
What is being done to speed up cuts?
The Governor released a comprehensive tax plan last month, and a bill was introduced this week:
It is encouraging House and Senate Republican leaders have commented that they want to help taxpayers keep more money. We will keep you updated.