GOP plan would cut Iowa income taxes by $2.7 billion over six years

Rod Boshart Times Bureau Updated

DES MOINES — Iowans will see state income taxes cut by $2.7 billion over six years if the tax cut compromise plan becomes law, a key architect of the plan said.

Senate Majority Leader Jack Whitver, R-Ankeny, said preliminary numbers indicate individual taxpayers and businesses will see their tax liabilities lowered beginning in the 2019 tax year. According to information issued by the governor’s office last week, individuals, families and business owners will receive $398 million in income tax relief in 2019, an average tax reduction of nearly 10 percent.

“Over six years, it’s about $2.7 billion of income taxes and then the net tax when you factor in some of the sales tax modernization, it’s close to $2 billion over six years,” Whitver said.

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