(Des Moines, IA) — The Iowa Senate Ways and Means Committee is advancing the G-O-P’s five-year plan to cut the state income tax rate to three-point-six percent. The bill also cuts the corporate tax rate, reduces and eliminates some business tax credits, provides a tax break to banks and proposes a new way to finance water quality and outdoor recreation projects. Republican Senator Dan Dawson from Council Bluffs called it a “tax reform” package. Dawson says the bill actually modifies and modernizes our system for an economy of the future, the 21st century. Democratic Senator Pam Jochum of Dubuque says the initial analysis shows the tax cut will amount to no more than 28 cents a week for the more than 560-thousand Iowans who’re at the bottom of the income ladder.
