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“Too often, we see public officials relying on these rankings and the policy prescriptions they promote, when in fact the rankings have no predictive value for economic growth,” said Fisher.
Iowa lawmakers’ budget dilemma this year is largely self-inflicted — revenue shortfalls a product of legislators’ penchant for tax cuts over the past 20 years.
Tax cuts have consequences. In the case of the massive commercial property tax cut enacted two years ago, those consequences have become all too real.
In Iowa as in most states, middle- and low-income people nationwide pay substantially more of their income in state and local taxes than wealthy individuals and families.
Whether we are looking at the entire range of taxes that fall on businesses or just the corporate income tax, the fact is that business taxes in Iowa are low.
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.
Both proposals are costly, so they affect state services to residents, and both play to a myth about Iowa taxes on business, which are below business taxes in most states already.
FOR IMMEDIATE RELEASE TUESDAY, JANUARY 15, 2013 1-page PDF
The Iowa Fiscal Partnership issued the following statement today about Governor Branstad’s Condition of the State address:
“Governor Branstad’s speech today missed an opportunity to bring a spotlight to several critical Read more