“Lawmakers have taken great strides to dramatically reduce Iowans’ income tax burden.”
DES MOINES (April 22, 2024) – Following the Legislature’s passage of a bill to accelerate tax cuts for small business owners and hardworking Iowans, NFIB State Director Matt Everson issued the following statement:
“Just a few years ago, our tax code was uncompetitive and holding our economy back. Lawmakers have taken great strides to dramatically reduce Iowans’ income tax burden, lowering it from a whopping 8.98 percent top rate, to a 3.8 percent flat tax next year.
“This tax cut, coupled with the Constitutional taxpayer protection advanced earlier this month, will go a long way in ensuring Iowa remains a wonderful place to raise a family and own a business.
“In particular, our small business owner members want to thank Sen. Dan Dawson, Rep. Bobby Kaufmann, and Senate Majority Leader Jack Whitver and Speaker Pat Grassley for all their efforts to cut Iowans taxes. We look forward to Governor Kim Reynolds’ swift signature.”
Background:
A recent NFIB survey found that small business optimism has reached its lowest level since 2012, with more than a quarter of small business owners raising their selling prices.
