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The big winners would be those with the highest incomes.
Millionaires do better than low- to moderate-income taxpayers by 273 to 1 under this bill. While millionaires would receive about $8,200 apiece on average — people making $40,000 or less would average only $30 in tax savings.
Over half the jobs in Iowa pay less than what is needed by many families to achieve basic self-sufficiency. Work support programs are important — but “cliffs” in those programs can send a family’s total resources plummeting with even a small increase in income.
Serious attention to issues means not being distracted by who has or who does not have the reins of power. Our business is the arena of issues, not of party politics.
Across Iowa, the EITC benefits a significant share of households.
Iowans cannot afford new raids on the General Fund when many public services have not been restored to pre-recession levels.
Iowa lawmakers must recognize the long-term impact of tax cuts on spending choices. Past choices will force future legislatures to lower investments on critical services on which economic growth depends.
The property-tax reform package will be costly and will challenge cities, counties and schools to deliver what Iowans have come to expect.
IFP Backgrounder Helping to Fill Gap between Income and Basic Needs for Working Families
Policy Brief (2-pg PDF) April 5, 2013
The Iowa General Assembly is once again considering expanding Iowa’s meager Earned Income Tax Credit (EITC). The Cedar Rapids Read more
In over 200,000 Iowa households, working families are helped by the federal Earned Income Tax Credit. Iowa’s state EITC extends the benefit and lessens the likelihood that a low-income family will have to pay state income tax when they don’t make enough to pay federal income tax. The state EITC is 7 percent of the federal credit, and it is refundable.