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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.
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.
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.
Iowa continues to give a lot of money to companies that aren’t paying income tax.
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.
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 latest findings confirm a nagging problem of inequity in Iowa’s overall tax system.”