DES MOINES, Iowa- Iowa State Senators started debate on a tax reform bill on Wednesday after a report from the Legislative Services Agency detailed the bill would mean cuttting $1 billion is funds going to the state’s general fund annually by the time the bill us fully in place.
The report shows the biggest cuts will come to individual tax payers with around $979 million in reductions by fiscal year 2023. The legislative note detailed where the bill's cuts would come from citing: education, public safety, healthcare and other governmental agencies.
Aaron Beemer of Mason City says he agrees with these cuts saying people’s money should stay in their pockets.
“Education is the largest line item in the state’s budget,” he said. It would probably make the most sense for the cuts to come from there rather than other services. People usually spend any sort of tax refund, rebates or low income in their taxes locally. By and large, they are going to spend that in the services and the products they want to purchase locally and I see that as a benefit to all the communities in Iowa.”
According to the agency, the bill would also include around $267 million in corporate tax cuts by 2023.
- Iowa Senate Debates Tax Reform Bill
- Non-profits respond to new federal tax reform bill
- Tax reform could save Iowans millions on their utility bills
- Volunteer fire department worries about proposed tax reform bill
- Iowa Senate advances Medicaid work requirement bill
- Minnesota Senate GOP unveils tax bill with income tax cut
- Local impacts of criminal justice reform bill
- GOP-led Iowa Senate panel OKs bill offering $1B tax cut
- Further tax reform expected to be key issue during Iowa legislative session
- Minnesota House, Senate strike deal on tax bill