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Gov. Kim Reynolds has been named the top governor in the U.S. for fiscal responsibility in The Cato Institute’s 2024 Fiscal Responsibility Report Card on America’s Governors. This is the second time Gov. Reynolds has received the public policy research organization’s highest score.
“It is an honor to be recognized once again by The Cato Institute, an organization on the forefront of promoting liberty, limited government, and free markets,” Gov. Reynolds said.
“Here in Iowa, the legislature and I are dedicated to budgeting responsibly and returning taxpayer dollars back to hard-working Iowans – especially at a time when inflation across the country makes it increasingly difficult to make ends meet.”
The biennial report card grades America’s 50 governors on their fiscal policies from the view of limited government. Gov. Reynolds scored an 81, the highest mark of all governors scored since 2008, and received an ‘A’ grade for reforming the state’s tax structure and cutting taxes continuously since she was elected governor in 2018. Gov. Reynolds received a nation-leading 78 score in 2022, and a 71 in 2020, ranking her second.
In the report, The Cato Institute writes, “Reynolds has overseen lean budgets and been a champion tax reformer, earning her the highest score on Cato’s 2022 and 2024 reports.”
When Gov. Reynolds first took office, Iowa had the 6th highest income tax rate in the country at nearly 9 percent. In May, Gov. Reynolds signed SF 2442, accelerating the flat income tax rate for Iowa taxpayers to 3.8 percent. The new single tax rate goes into effect on January 1, 2025 and returns over $1 billion back to state taxpayers.
In 2023, Gov. Reynolds also restructured state government, shrinking 37 cabinet departments down to just 16. Her move to realign government is estimated to save Iowa taxpayers $215 million over four years.
You can read the full report from The Cato Institute here.
