Iowa budget surplus

BrunoMars420

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The growth of Iowa’s budget surplus to nearly $2 billion in fiscal year 2022 will trigger corporate tax cuts passed during this year’s legislative session, Gov. Kim Reynolds announced Tuesday.

Iowa is closing the books on fiscal year 2022 with $1.91 billion in the state’s general fund, $1.06 billion in the Taxpayer Relief Fund and $830 million in reserve funds, according to the governor’s news release. The budget year ended June 30 but the annual accrual period ends Sept. 30.

The ending balances are roughly $670 million more than the previous year’s surplus, according to Legislative Services Agency and governor’s office information.

That increase enacts corporate tax cuts passed during the 2022 legislative session. When Iowa hit $700 million in corporate income tax receipts, the law lowers the corporate tax rate from 9.8% to 8.4% and reduces the number of corporate tax rates from three to two.

Reynolds said Iowa was not expected to hit that threshold until 2027, but the state net corporate income tax receipts exceeded $850 million this year.

Reynolds said the surplus proves Iowa Republicans’ tax cutting strategy was “worth every penny.”

“Iowans want common-sense responsible policies even when it requires going against the grain,” Reynolds said in a news release. “We cut taxes when many said our budget couldn’t handle it; we kept our economy open when few others were; we chose growth over government even when it was hard. As a result, our fiscal health is strong, and our tax code is more competitive than ever.”

Democrats criticized the tax cuts, saying the move will provide less funding for needed state services in favor of giving more money to large corporations. In addition to the changes to corporate taxes, state income taxes will be reduced for all income brackets, with a single-bracket income tax scheduled to take effect by 2026.

“Instead of lowering costs for Iowans and investing in our public schools, Kim Reynolds is celebrating another huge handout she gave to some of the biggest corporations in the world, like Amazon,” Iowa House Democratic Whip Lindsay James said in a statement. “It’s more apparent than ever that Reynolds and GOP politicians in Des Moines are more interested in politics and rewarding special interests, not doing what’s best for Iowans.”
 
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ConvenientParking

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The Lake Darling thing should be kinda embarrassing to Iowans but most don't care. It's almost like if Jimmy Carter died of a reaction to a newly developed peanut allergy.
 
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Oct 25, 2020
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Is the budget surplus because of smart planning or neglecting things that need fixed? I don’t have the answer but that’s what I’d want to know before saying it’s definitively a good or bad thing.
 
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BrunoMars420

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Is the budget surplus because of smart planning or neglecting things that need fixed? I don’t have the answer but that’s what I’d want to know before saying it’s definitively a good or bad thing.
Per the article and kim’s biased comments it was due to cut taxes and spending within our means. The Iowa government definitely does spend within its means
 
Oct 25, 2020
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Per the article and kim’s biased comments it was due to cut taxes and spending within our means. The Iowa government definitely does spend within its means
I saw it was a strategy to make sure tax cuts went through just didn’t know for sure if they just let some things go neglected for the year, if everything is getting maintained as needed it’s been a very good year
 

thewop

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If you voted for her, it's good. If not, then you make a list of anything you can think of that the government can spend money on and say 'why didn't we spend it on that Kim??' And it's bad.

I am curious about what the aforementioned 'pubic' schools are though...
 

ihhawk

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Fort Lauderdale
Not just roads and bridges but EV and internet infrastructure as well. Also give more funding to education.
I’m mixed on internet infrastructure. I just don’t see the point running fiber into the countryside. No to simply “funding” education unless it is brick and mortar.
 

joelbc1

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you can’t always get what you want!
Is this bad or good? Please tell me HORT
Well, this "Covid money" was never used as intended (to help the citizens of the state). Kim and the Republicans put the money is the bank and told Dems that using it for "one time spending
" was a pathway to financial irresponsibility.....except now they are using it to instigate a tax cut...that cannot be sustained UNLESS services are reduced to the citizens of Iowa......So guess what is coming to iowa in a couple of more years boys and girls......Iowa will be cutting services to its citizens so corporations can afford to further dodge their tax responsibilities......and the resultant "shortcomings" in the Iowa budget wont be discussed because by that time, Ms. reynolds will have appointed herself to Chuck Grassley's vacated US Senate seat.
 
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It sounds to me that Kim got a ton of federal cash and decided to spend it on corporate tax cuts instead of actual working people.
Well I am retired and was happy to see her end the tax on retirement income. I was planning to move to a no tax or low tax state and don't plan to do that now except for 3 months in the winter. So in my case the state of Iowa wins in the long run as I will still be spending dollars here for 9 months of the year and generating sales tax revenue.
 

BrunoMars420

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Perhaps they could adequately fund pubic schools and universities. Or clean up our disgusting lakes, rivers, etc.
I’m all for cleaning our horrible lakes and rivers. Do you by chance know how much that would cost and how we would do it? The rivers around here seem too far gone but I’m no expert in that arena
 

joelbc1

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you can’t always get what you want!
Well I am retired and was happy to see her end the tax on retirement income. I was planning to move to a no tax or low tax state and don't plan to do that now except for 3 months in the winter. So in my case the state of Iowa wins in the long run as I will still be spending dollars here for 9 months of the year and generating sales tax revenue.
Dont you feel a tug to move to Sun City Busting? That's where a whole bunch of selfish motherphuquers live....."Yep...I am retired...I shouldn't pay taxes because I am old!"
There are 3 reasons to leave Iowa....and taxes was never on the list. Ever.
 
Jul 16, 2022
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Dont you feel a tug to move to Sun City Busting? That's where a whole bunch of selfish motherphuquers live....."Yep...I am retired...I shouldn't pay taxes because I am old!"
There are 3 reasons to leave Iowa....and taxes was never on the list. Ever.
That's funny because my wife's cousin who was a bleeding heart liberal school teacher in NYC moved permanently to the Villages in Florida because of the tax differences in the two states. People have choices on where they live after they retire and state taxes and weather are high on the priority list for most.
 

joelbc1

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you can’t always get what you want!
That's funny because my wife's cousin who was a bleeding heart liberal school teacher in NYC moved permanently to the Villages in Florida because of the tax differences in the two states. People have choices on where they live after they retire and state taxes and weather are high on the priority list for most.
There is more than a slight difference in the taxes paid by a NYC resident to the state and an Iowa resident. NYC residents pay "city" and "state" income taxes.....and I am sure both are substantial. Iowa "state" taxes are nothing by comparison.
I hope he enjoys his retirement. Florida would not be on my permanent move list. Not my kettle of fish.
 
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BlackNGoldBleeder

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Per the article and kim’s biased comments it was due to cut taxes and spending within our means. The Iowa government definitely does spend within its means
Lol. Republicans have been saying tax cuts pay for themselves since Reagan thrust us past the trillion-dollar-debt threshold almost forty years ago.

The correct answer is the state government isn’t funding shit while they continue to rake in federal money.
 

Chishawk1425

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Lol. Republicans have been saying tax cuts pay for themselves since Reagan thrust us past the trillion-dollar-debt threshold almost forty years ago.

The correct answer is the state government isn’t funding shit while they continue to rake in federal money.
✅️
 

hawksurprize

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If you voted for her, it's good. If not, then you make a list of anything you can think of that the government can spend money on and say 'why didn't we spend it on that Kim??' And it's bad.

I am curious about what the aforementioned 'pubic' schools are though...
It's where people go to learn manscaping.
 
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ConvenientParking

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Tax cuts will bring in even more businesses and jobs to Iowa and then even more tax revenues.
pray-sign-of-the-cross.gif
 

joelbc1

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you can’t always get what you want!
Tax cuts will bring in even more businesses and jobs to Iowa and then even more tax revenues.
You really believe this tripe as fact? It has never freally been the case during the Branstad administration....the Vilsack Administration and the Branstad/Reynolds administrations....so why do you think this might be the case now? Iowa's population is basicaly "flat and has been for 40 years.....
 
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