Leaders in Washington, D.C. released an outline of a plan this week to reform the federal tax code and bring much needed relief to American families. While reform has many more hurdles to clear, this first step is encouraging. Tax reform has the capacity to improve career opportunities for Iowans and all Americans.
Substantial pro-growth tax reform has been a priority for me since my first term in the Iowa House. It enables Iowans to keep more of what they earn and job creators to expand career opportunities for Iowans. Pro-growth tax reform encourages Iowans to invest more in our state, and makes Iowa’s economy more attractive to job creators across the country and even around the world. It reduces government involvement in the economy and rewards those individuals who choose to take risks. It increases the amount of income for all Iowans by reducing their tax burden and as a result of the growth in the economy it increases state revenue.
State revenue estimates have repeatedly declined over the last two years. A slower rate of revenue growth means less money to fund priorities like education and public safety. The solution to slow revenue increases is bold pro-growth reforms like the Iowa Legislature passed in 2017, and tax reform in 2018. Those revenues can then be used to spend on education, health care and public safety.