Iowa is proving that lowering tax rates and keeping spending growth low is a fiscal policy that places taxpayers first and supports more economic growth and opportunity. Since 2018, Iowa Gov. Kim Reynolds and the Legislature have placed an emphasis on both tax reform and prudent budgeting.
Prior to the latest legislative session, Gov. Reynolds and the Legislature renewed their commitment to those emphases. The results have been the largest tax reform measure in Iowa’s history that creates a flat individual income tax rate of 3.9% by 2026, gradually phasing down the corporate income tax until it reaches a flat 5.5%, and eliminating all state taxes on retirement income.
This tax reform was made possible by prudent budgeting.
Read Full Article »