The surplus comes after Republicans recently reduced state taxes, with more cuts possibly on the way
Articles Tagged: Taxes
Lee-Gazette Des Moines Bureau
Campaigns & Elections Sep. 22, 2022 9:19 am14d ago
Iowa U.S. Rep. Ashley Hinson launched new campaign ads portraying the Marion Republican as a champion for working families..
Over the past 12 months, Iowa net tax revenue has increased $750.3 million or 7.6 percent. That comes despite low levels of economic activity that occurred during the early months of the COVID-19 pandemic. Tax collections were helped by a recent surge in consumer spending due in part to pent-up demand and federal stimulus payments.
Business News May. 4, 2022 10:48 am155d ago
TurboTax’s parent company will pay some $1.02 million to approximately 33,000 Iowans who were misled by the tax preparer, Iowa Attorney General Tom Miller’s office said Wednesday.
In Iowa, the average gas price Thursday was $3.924, but topped $4 in many rural areas according to AAA. However, Iowa lawmakers say they’ve heard little talk of suspending state motor fuel taxes -- 30 cents a gallon state tax on gas and ethanol, and 32.5 on diesel fuel.
The bill, one of three GOP tax relief plans under consideration, would phase in a four-year gradual reduction in Iowa’s personal income tax rate from the current top rate of 8.53 percent for the highest wage earners to 4 percent for all taxpayers.