Does Government “Help” Prevent Growth?

The Iowa legislature is already making progress in creating a more friendly economic environment for job creators by passing needed tax reform legislation. The tax reform bill signed into law by Governor Kim Reynolds begins the process of reducing Iowa’s high individual and corporate tax rates. In addition, this legislation …

General Fund Receipts through January 31

Iowa’s January 2018 net General Fund revenue was $275.1 million above the January 2017 revenue level. Cash fiscal year-to-date net receipts are $446.1 million higher than FY 2017. Personal income tax +$274.4 MM Sales/use tax +$124.8 MM Corp tax +$39.3 MM Other taxes +$7.3 MM Other receipts +$9.1 MM Tax refunds not …

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 …

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 …