*** Public Hearing on GOP Tax Giveaways ***
Just a few hours ago, GOP lawmakers scheduled a public hearing on their tax giveaway plans that will cost the state well over $1 billion. It’s scheduled Monday, April 9 at 5 pm at the State Capitol and they did it at the last minute because they don’t want to hear from Iowans who oppose their disastrous plans.
While Iowans are still in the dark as Republicans work behind closed doors, there are two competing plans offered by Republicans this session and here’s what we know so far:
- Senate GOP Version: According to a non-partisan analysis, the bill will cost the state over $1.1 billion annually with $790 million in new tax giveaways for special interests and corporations.
- Governor’s Version: The Governor’s tax plan will cost more than $1.7 billion and 1/3 of Iowans get nothing or actually have to pay higher taxes.
- House GOP Version? The House is starting with the Governor’s plan, but won’t tell anyone what changes they plan to make to it.
The Republican tax plans will not keep the state budget balanced and will leave Iowans with mountains of debt. It will add to the state’s budget crisis and give an oversized tax break to millionaires while the rest of us are left paying for it.
We’ve seen the devastating reality of similar tax cut plans passed in other states like Kansas. In addition to leaving the state with deficits for the next decade, the scheme will force Iowa families to pay higher property taxes, shortchange public schools, and raise tuition at our community colleges and universities again.
Instead of another tax giveaway to the special interests and rich, we should be working together to reform and rein in the state’s corporate tax giveaways. Democrats believe any tax reform bill considered in 2018 must meet the following 3 criteria:
1. Balance the state budget
2. Be fair and simple for Iowans
3. Provide relief for the middle class
We’re going to keep working to restore fiscal discipline and balance the state budget, but we can’t afford another tax plan that will make the state’s budget crisis even worse for Iowans.