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Tax reform is needed in Iowa. Help Drive Action on Tax Reform Today!
We haven’t seen significant reforms made to the tax code in Iowa in over a decade.
Iowa’s tax code creates a two-tiered system that gives one class of taxpayer more than $400 million in credits, carve-outs and giveaways, while the rest of us struggle under some of the highest tax rates in the country.
Iowa has one of the most burdensome personal income tax rates in the Midwest and one of the worst corporate tax rates in the entire country.
The complicated nature of Iowa’s tax code, along with its special interest handouts, stifles economic growth in the Hawkeye State, making it difficult for Iowa families and small businesses to get ahead.
We can do better, which is why we need your help to jump-start Iowa’s economy and achieve principled tax reform.
Rather than doling out tax credits and subsidies like candy, state legislators should be focused on cutting rates across the board to put more money back into Iowans’ pockets. Expensive hand-outs are no substitute for meaningful tax reform that will create jobs and boost growth in communities of all sizes while attracting new business investment to our state. We need a tax code that treats Iowans fairly and encourages small businesses to start and grow rather than discourage them.
Comprehensive tax reform should create a more equitable, predictable tax base while reducing rates across the board to lessen our tax burden and spur economic growth throughout the state.
This is the approach North Carolina took over the past few years, and that state has moved from 44th to 11th in the Tax Foundation’s state tax rankings. Lawmakers there simplified their tax code, cut income taxes and lowered the corporate tax rate. They also reduced corporate welfare and adopted responsible spending habits.
The Tar Heel state now is the most competitive state in the country and boasts a growing economy with multiple years of budget surpluses. Fixing Iowa’s broken tax code and controlling spending in the same way will stabilize state revenue and boost our economy for the long-term.
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