Statement from House Democrats on New Analysis of GOP Tax Plan from Rep. Dave Jacoby, D-Coralville, Ranking Member of the House Ways & Means Committee
“The GOP’s tax plan is worse than advertised. It’s got $790 million in new corporate tax giveaways and another oversized tax break for millionaires while low income Iowans get little. The $1.16 billion price tag will break the state budget and leave Iowans with mountains of debt.
We’ve seen the devastating reality of similar tax cut plans passed in other states like Kansas. The GOP plan will leave the state budget with deficits for the next decade, Iowa families will pay higher property taxes, public schools will continue to be shortchanged, and students will pay even higher tuition at community colleges and universities.
Before any new tax cut plan is approved, House Democrats believe three criteria must be met:
1. Balance the state budget;
2. Be fair and simple for all Iowans; and
3. Provide relief for the middle class.
Democrats have proposed to reform and rein in the state’s corporate tax giveaways, but it’s been blocked by Republicans. Democrats will keep working to restore fiscal discipline and balance the state budget. We can’t afford another tax plan that will make the state’s budget crisis even worse for Iowans.”
The Non-Partisan Fiscal Analysis can be found here: https://www.legis.iowa.gov/docs/publications/FN/925227.pdf