The Iowa Democratic Party has suggested changes to its income-tax reform plan to benefit low- and middle-income earners in the state. The original plan proposed lowering rates for all taxpayers by using the revenue from the elimination of federal deductibility. However, the proposed amendments include an increase in the standard deduction and a refundable tax …
An Emphasis Upon Sound Tax Principles The Democratic party in Iowa has presented a proposal to reform the state’s income tax system. The proposal is designed to be revenue neutral, meaning it won’t raise additional revenue for the state. The plan aims to modify various aspects of the tax system such as rates, exemptions, and …
Iowa has been making significant investments in economic development over the years through programs like the Iowa Values Fund and tax breaks like the research activities credit. However, evaluating the effectiveness of these investments has proven to be difficult, as there are minimal reporting requirements and the beneficiaries of the tax breaks remain confidential. Despite …
Unveiling the Problem of Tax Expenditures in Iowa Read More »
Compare the tax contributions made by illegal immigrants in Iowa to those made by citizens. Although paying between $40 million and $62 million in total in state and local property, sales and excise, and income taxes each year, illegal immigrant households pay less in state taxes than legal families with comparable earnings, according to the …
The Iowa government has been giving tax credits and exemptions to corporations, potentially costing the state hundreds of millions of dollars and undermining its ability to fund essential services, according to a report by the Iowa Fiscal Partnership. Since 2000, the state government has introduced over 20 new tax credits, in addition to offering new …
According to recent reports, Iowa has been losing an estimated $60 million to $100 million annually due to corporate tax loopholes. These loopholes allow multistate companies to shelter their income from Iowa tax, exploiting cracks in the tax code and enabling them to avoid taxes that their Iowa-based competitors must pay. Although such strategies are …
Iowa has an opportunity to level the playing field for local businesses by closing corporate tax loopholes and generating up to $100 million annually. This can be achieved by adopting “combined reporting,” a corporate-tax accountability tool already adopted by four neighboring states and 20 overall. This tool would prevent multistate companies from using tax avoidance …
Leveling the Playing Field in Iowa and Saving Millions Read More »
The poverty rate in Iowa has increased to 11.1% from 7.8% in 2000-2001, according to a report by the U.S. Census Bureau. The state’s median household income of $45,671 has remained statistically unchanged since 2000-2001, with the state ranking 29th nationally. Furthermore, the percentage of Iowans without health insurance has remained the same since 2000-2001, …
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