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“The precedents being set raise uncertainties for the future governance of our state.”
Aside from fiscal impacts, sales-tax proposals and actions in Iowa ignore existing law or voters’ directives, and long traditions in the way we govern ourselves.
Economic benefits would result — perhaps more — if the penny sales tax dedicated to school infrastructure spending were not diverted, as the Governor proposes, to other purposes.
“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.
The big winners would be those with the highest incomes.
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.
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.
Improving Tax Treatment of Working Families with Children
IFP Policy Brief By Charles BrunerPolicy Brief (2-pg PDF)
The 2012 legislative session offers lawmakers a timely opportunity to review and expand Iowa’s Earned Income Tax Credit (EITC). A policy brief published Read more