Iowans for Tax Relief President, Ed Failor, Jr. issued the following statement:
“House File 194 is a bold move and an excellent start to help all Iowa income taxpayers by cutting the personal income tax by twenty percent across the board.
Lowering the tax burden on all Iowans will help spur growth, investment, and jobs in our great state. Reducing the Iowa personal income tax rates by twenty percent will directly put Iowans hard-earned money back into their hands,” said Failor.
It has been more than a decade since Iowa taxpayers have seen any kind of income tax reduction, the last time Iowans have seen a personal income tax reduction was in 1998, when the rates were lowered by ten percent. Then Governor Terry Branstad signed the bill into Law in 1997 with the support of a Republican controlled House and Senate.
Failor continued, “Since the 1998 income tax cut, net state tax collections from personal income tax have grown from $1.845 billion in State Fiscal Year 1997 (the year prior to the tax cut taking place) to $2.749 billion in State Fiscal Year 2010. This growth shows income tax cuts truly spark the economy. There could not be a better time for an income tax cut in our state.
I commend House Speaker Paulsen, House Majority Leader Upmeyer, Ways and Means Chairman Sands, and House Majority Whip Helland the floor manager of the bill, for making the Iowa taxpayer the top priority at the Statehouse.”
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