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Feb. 7, 2022Des Moines, Iowa |  By: AP

Iowa GOP tax cut plans raise concerns about long-term impact

taxes

DES MOINES, Iowa (AP) - Republicans have released three plans to cut taxes in Iowa and all share the common themes of phasing in a flat personal income tax and eliminating taxes on retirement income at a cost of billions of dollars to state revenue.

Democrats and some progressive groups argue the changes would primarily help high-income residents and risk future budget problems, but Republicans respond that the state is simply taking in too much money and should return it to taxpayers.

Gov. Kim Reynolds was first to release her plan, which also cuts taxes on corporations. The Senate's plan also cuts corporate taxes but the House's proposal does not.