Today’s REC forecast shows a massive problem with our current tax rates. Iowans are simply paying far too much.
The Iowa Revenue Estimating Conference (REC) met today and projected the number of tax dollars pouring into the state's coffers will continue to increase. Today's estimate predicts Iowa will collect $8,934.2 billion for the current fiscal year (FY 2022). The REC further projects FY 2023 revenue of $9,074.7 billion.
ITR Vice President Chris Hagenow said, "Today’s REC forecast shows a massive problem with our current tax rates. Iowans are simply paying far too much."
Not only did Iowa government end the previous fiscal year with a $1.24 billion surplus, the current year revenue estimate would add over $800 million dollars to that amount at the end of the current fiscal year.
Hagenow added, "Due to the good work of Governor Reynolds and the legislature, the state's budget is in an exceptionally strong position. Next year’s legislative session will be an exciting opportunity for lawmakers to dramatically reduce taxes.”