Reynolds proposes $1.7 BILLION in State income tax cuts; Dems skeptical of plan

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William Petroski and Brianne Pfannenstiel, The Des Moines Register Published 2:04 p.m. CT Feb. 13, 2018[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=””][fusion_text]

Updated 5:05 p.m. CT Feb. 13, 2018

Gov. Kim Reynolds unveiled plans Tuesday for major cuts in state income taxes, proposing a reduction in rates by as much as 23 percent, while simplifying the state tax code and lowering taxes for middle-class Iowans and small business owners.

Reynolds, who succeeded Gov. Terry Branstad in May when he became U.S. ambassador to China, said in a news release her proposal to the Iowa Legislature is projected to cut income taxes by a total of $1.7 billion between the 2019 and 2023 state fiscal years, while maintaining expected growth in state revenue.

Minority legislative Democrats immediately said they were willing to work in a bipartisan manner with the Republican governor on tax policy issues. But they expressed concerns that Reynolds’ proposal could make the state’s current budget problems even worse. They also warned that other states — particularly Kansas — have slashed state taxes with disastrous results.

Read the full article at the Des Moines Register.

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