Government’s Unquenchable Appetite for Tax Dollars

As Iowa’s tight budget situation lingers, the call for additional revenue sources continues to grow. The Des Moines Register recently published an editorial advocating a tax increase on beer to fund various programs and law enforcement efforts to deal with alcohol-related issues. The editorial board argued that a higher beer tax would discourage drinking …

Reducing Government Spending: It Can Be Done

The state of Iowa is facing a tight budget. Although revenues at this time are not declining, Iowa’s revenues continue to be lower than projected. Some of the factors contributing to this include a decline in Iowa’s agricultural economy and the increasing consumer behavior of online purchases where sales taxes …

General Fund Receipts Through December 31

Iowa’s December 2017 net General Fund revenue was $60.5 million above the December 2016 revenue level. Cash fiscal year-to-date net receipts are $171.0 million higher than FY 2017. Personal income tax +$85.7 MM Sales/use tax +$59.3 MM Corp tax +$38.0 MM Other taxes +$0.7 MM Other receipts +$11.1 MM). Tax refunds not including …

Lowering Rates is a Positive Trend in State Taxation

Several states are moving in the direction of lowering their tax rates to create economic growth. The trend among many states has been to lower both individual and corporate income taxes as well as business and property taxes. In 2016 several states cut taxes and many of those states were …

General Fund Receipts Through November 2017

Fiscal year-to-date receipts are $110.4 million (3.9%) higher than FY 2017. Personal income tax +$38.0 MM Sales/use tax +$37.2 MM Corp tax +$33.2 MM Other taxes +$4.3 MM Other receipts +$13.7 MM). Tax refunds not including school infrastructure refunds -$28.0 MM School infrastructure sales/use tax refunds +$12.1 MM Read more …

General Fund Receipts Through October 2017

Over the last 12 months, Iowa collected $8.501 BILLION from taxpayers. This is an increase of $354.4 million compared to the prior 12 months. Seven of the eight major tax categories increased year-over-year: Individual Income Tax increased $172.5 million (4.9%) Corporate Income Tax increased $82.6 million (22.4%) Sales/Use Tax increased …

Fees in the State of Iowa: The Forgotten Rules, Regulations, and Costs on the Taxpayers

By John Hendrickson The Iowa Department of Revenue reports that 1,451 fees are imposed and collected by the State of Iowa.[1] These various fees are collected by state government agencies in Iowa. The taxpayers of Iowa, who just recently finished filing and paying their state and federal taxes, may not necessarily …

What Can Iowa Do to Improve Our Economic Freedom?

By Amy K. Frantz The Fraser Institute, an independent, non-partisan Canadian public policy think tank, has recently released a report, Economic Freedom of North America 2016.  The report evaluates the economic freedom of and ranks the 50 states and also takes a look at economic freedom in the 10 Canadian provinces …