Jonathan Williams and Lee Schalk of the American Legislative Exchange Council praise Iowa’s tax reform:
Highlights of Iowa’s tax-reform plan include collapsing nine personal income-tax brackets (with a current top rate of 8.53 percent) into a substantially lower and flat rate of 3.9 percent. Taxes on business income will also be lowered dramatically by flattening three tax brackets (with a top rate of 9.8 percent) into a single 5.5 percent rate. Additionally, Iowa will no longer tax retirement income. The state is also in the process of phasing out its hated death tax, which is especially damaging to farmers and small-business owners. These are all significant pro-growth changes to the current tax structure in Iowa.
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