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Gov. Reynolds Statement on Income Tax Cuts
DES MOINES – Gov. Kim Reynolds released the following statement in response to the Iowa legislature passing income tax cuts in SF 2442:
“When I took office, Iowa’s income tax rate was nearly 9 percent—the sixth highest in the country. Since 2018, I’ve proposed four tax packages that have delivered historic income tax cuts and established a flat income tax for every Iowan who pays them; eliminated inheritance tax and taxes on retirement income; and reformed the corporate tax system by gradually reducing the rate from 9.8% to 5.5%.
“These commonsense policies have made Iowa one of the most competitive states in the country. Yet, we still have a budget surplus of nearly $2 billion, more than $900 million in reserve funds, and more than $2.7 billion in the Taxpayer Relief Fund. It's time that state government stop over collecting from the hardworking men and women of Iowa.
“With this bill, every Iowan who pays income tax will keep more of what they earn and pay less to the state. The flat 3.8% rate will save taxpayers $1 billion dollars in the first two years alone. All combined, Iowa’s individual income, corporate, and property tax cuts are estimated to generate $23.6 billion in tax liability savings by the end of fiscal year 2030.
“Iowa families live within their means every day, and there’s no reason government can’t do the same. Thanks to conservative budgeting and fiscal responsibility, Iowa is in a strong position to cut taxes and continue to invest in key priorities like housing, child care, broadband, and more.”
“When I took office, Iowa’s income tax rate was nearly 9 percent—the sixth highest in the country. Since 2018, I’ve proposed four tax packages that have delivered historic income tax cuts and established a flat income tax for every Iowan who pays them; eliminated inheritance tax and taxes on retirement income; and reformed the corporate tax system by gradually reducing the rate from 9.8% to 5.5%.
“These commonsense policies have made Iowa one of the most competitive states in the country. Yet, we still have a budget surplus of nearly $2 billion, more than $900 million in reserve funds, and more than $2.7 billion in the Taxpayer Relief Fund. It's time that state government stop over collecting from the hardworking men and women of Iowa.
“With this bill, every Iowan who pays income tax will keep more of what they earn and pay less to the state. The flat 3.8% rate will save taxpayers $1 billion dollars in the first two years alone. All combined, Iowa’s individual income, corporate, and property tax cuts are estimated to generate $23.6 billion in tax liability savings by the end of fiscal year 2030.
“Iowa families live within their means every day, and there’s no reason government can’t do the same. Thanks to conservative budgeting and fiscal responsibility, Iowa is in a strong position to cut taxes and continue to invest in key priorities like housing, child care, broadband, and more.”
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