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The state of Iowa gave away nearly $44 million in 2021 to companies that paid no state income tax, to do research most would do anyway. Iowa's generous Research Activities Credit needs reforms to make sure taxpayers are getting what they are paying for.
Governor Reynolds’ plan for a flat income tax would intensify the unfairness and inequity already evident in Iowa’s tax system. Eliminating taxation of all retirement income also would be a bigger benefit at higher incomes. Iowa cannot afford new tax cuts and live up to our values and aspirations as a state — and there is no reason to think these plans would bring more people to Iowa.
The projected revenue increase for FY2023 remains very small -- clearly not enough room for tax cuts when just keeping up with costs will be a challenge.
Common Good Iowa News — Labor Day 2021 finds Iowa's job market imbalanced since the COVID-19 pandemic hit in early 2020, without a clear policy response in place to correct it.
More than $41.2 million of the total went in checks to companies that paid no income tax last year.