Iowa: Where We’ve Been, and Where We’re Going
I am proud to have been on the forefront of investing in Iowa’s communities by way of tax relief for hardworking citizens. These investments allow for all Iowans to keep their hard-earned dollars, helping our families and communities prosper.
Where We’ve Been
In 2018, the Iowa Legislature, through a bi-partisan effort, passed the largest income tax cut in state history. Iowans saw a 10% reduction in income taxes which allowed for workers to keep more than $2.16 billion statewide.
In 2021, additional tax relief was passed by the Legislature and tax cuts totaled in $400 million. These cuts also included phasing out inheritance tax, eliminating the mental health property tax levy, and expanding the Beginning Farmer Tax Credit.
Where We’re Going
Today, Iowa finds itself in an economically advantageous position, with more than $2 billion of surplus funds, continued tax relief for Iowans is an investment worth making. This is how we get there:
Establishment of Flat Tax: This proposed flat tax is estimated to save hardworking Iowa taxpayers upwards of $1.5 billion by year 2026.
Moving Toward Eliminating Income Tax: My goal is to rid Iowa of state income tax entirely. Hardworking Iowans should keep their money because they will make a better investment in their community than the government ever could.
Elimination of Retirement Income Tax: Beginning in 2023, retired Iowans 55 years and older will be exempt from state tax on retirement income earned.
Reforming Iowa’s Corporate Income Tax: A pro-business model that will allow for Iowa businesses to grow and new businesses to form.