Iowa Senate Republicans Unveil Major Tax Overhaul

(Des Moines, IA) — Republicans in the Iowa Senate are unveiling a five-year plan to cut taxes for individuals, corporations, and retirees — including retired farmers. The proposal would also make a significant sales tax shift that will provide tens of millions of dollars to water quality projects. Senator Dan Dawson of Council Bluffs tells Radio Iowa, “It creates a vision of having lower rates, it creates a vision of attracting more people to the state and it creates a vision of funding our priorities.” The plan goes further than the one Governor Kim Reynolds proposed earlier this month, reducing the individual income tax rate to three-point-six percent by 2027. The Senate G-O-P plan also calls for two actions related to the taxes corporations pay — cutting the corporate income tax rate and reducing tax breaks primarily used by businesses by more than 140 million dollars.