We are going to cut taxes. Sound familiar? It’s the oldest Republican slogan and now that voters believed it, the results are in: Midyear budget cuts and midyear borrowing. Whose taxes were cut? The taxes were cut for corporations not the taxes for working Iowans.
The Iowa Fiscal Partnership Report states that in 2015 there were tax credits of $200 million, in 2016 $232 million, and a projection of $275 million for 2017. The tax credits would more than pay for any budget shortages.
Those corporate tax credits go to corporations like DuPont, Deere & Co., Rockwell Collins and others. You, as the ordinary Iowan, received no help but you get to feel the pain of underfunded universities, underfunded K-12 public schools, lack of public safety, underfunded environmental programs, underfunded court system, lack of social services so that the rest of us can suffer job losses, underfunded educational opportunities so that Republican leadership can benefit from corporate political contributions so this same scenario can repeat: corporate tax cuts but no individual tax cuts.
A couple of lessons need to be learned: 1. Putting money in the individual taxpayer’s pocket is the single most important way to grow the economy. When people have money, it gets spent stimulating the economy. 2. Clean out the Republican leadership on Nov. 6, 2018, since they can’t seem to manage the funding streams for Iowans so that the state and its entities are not in this endless budget crisis.