The proposed changes means that the state would receive an estimated additional $595 million per year. But...
Democrats have proposed a plan that would instead lower the state income tax rates and increase certain tax credits to offset the increase.
Well, if the $595 million is going to be offset by another roughly $595 million, meaning there won't be a difference in state revenue, why change the law at all?
Democrats have maintained that two-thirds of Iowans would either see a tax savings or no change at all in their taxes due to the proposal.
Specific numbers show that 49 percent of Iowans who file taxes would get a break in the current tax year, while about 18 percent would see no change.
The remainder – 450,292 people – would see a tax increase, according to the Iowa department of Revenue and Finance.
Ah. Tax the "rich" some more. More spreading around of the wealth. More "fair."
Bollocks.
I am certain that the new tax structure would allow the state to more easily shift the tax burden upwards in the future.
