“We thank lawmakers for prioritizing this important taxpayer protection.”
DES MOINES (April 10, 2024) – Following the Senate’s passage of a Constitutional Amendment that would require a two-thirds majority in the Iowa House and Senate on any future income tax increases, NFIB State Director Matt Everson issued the following statement:
“Between inflationary pressures and a tight labor market, Main Street’s view of the economy is grim. Uncertain economic conditions continue to make it difficult to plan ahead. Thankfully, lawmakers here in Des Moines have dedicated their efforts to shoring up the local economy and protecting taxpayers.
“This Constitutional Amendment that will go before the voters ensures that any future income tax hikes will have to get a two-thirds majority vote in both chambers of the Iowa Legislature. Raising the bar for future income tax hikes goes a long way in providing greater certainty for small business owners and the hardworking Iowans they employ. We thank lawmakers for prioritizing this important taxpayer protection.”
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.
If approved by the voters, this Constitutional Amendment would require a 2/3 majority in both the Iowa House and Senate to raise state income taxes starting in 2026.
