The Democrat Explanation for Eliminating Federal Deductibility
Democrat Legislative leaders are trying to make you pay a tax on a tax by eliminating your right to deduct your federal taxes paid on your Iowa tax return. We all get that by now.
The bigger issue is, the utter lies they told when explaining why this was needed.
The original case was made that elimination of Federal Deductibility would provide a middle class tax cut and make the rich pay their fair share.
They promised that middle class Iowans would receive a tax cut.
Democrats themselves have said there are winners and losers in this plan. For my purposes, I will use the following definition.
LOSER- Any Iowa taxpayer who pays more in Iowa taxes after eliminating Federal Deductibility than they did with Federal Deductibility.
Who are the Losers???
180,300 Iowans who are LOSERS and their taxes paid will INCREASE fall into an income bracket that should surprise you. This must be the evil selfish rich, right? Finally, these people will pay their fair share, whoever they are, so the middle class can get a tax break.
Who are these 180,300 wealthy Iowans? They all are the filers who earn $40,000 per year, OR LESS!
You did not mis-read the above.
How on earth is raising taxes on 180,300 Iowans who make $40,000 per year or less a middle class tax cut?
It isn’t a middle class tax cut and their entire explanation for eliminating Federal Deductibility is a lie!
Written by Ed failor, Jr.
President of Iowans for Tax Relief
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