Iowa Governor Kim Reynolds is announcing a new tax plan that would cut tax rates by up to 23-percent, if approved. It includes eliminating federal deductibiltiy for Iowa taxpayers.
"We've talked about it before, but never in the context of federal tax reform." Reynolds says. "That really gives us an opportunity to uncouple ourselves from Washington D.C. and some of the policies they make there."
Iowa Democrats are still reviewing the Governor’s plan and say, "...the devil is always in the details with new tax cuts. At first glance, her plan could cost well above $1.7 billion. We’ve seen similar tax cut plans passed in other states like Kansas with disastrous results. Iowa families have already been forced to pay higher property taxes and tuition to pay for hundreds of millions in corporate tax giveaways given out by the GOP the last few years."