Iowa budget surplus

joelbc1

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Sep 5, 2007
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you can’t always get what you want!
That's the purpose of the government, imo. To serve the people. But the government bogarting massive amounts of money seems wrong to me.
The idea behind the feds sending state's money was so the states could "get the money to the folks who needed it"....the idea being the states would know best where the money should go......The money was NOT sent to the states to put into their bank accounts to reduce taxes. Didn't the state's auditor question Reynold's "banking" this money instead of using it as intended...and didn't Kim "win" a court litigation over it? More of "owning the libs"....
 

MitchLL

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Dec 26, 2018
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The idea behind the feds sending state's money was so the states could "get the money to the folks who needed it"....the idea being the states would know best where the money should go......The money was NOT sent to the states to put into their bank accounts to reduce taxes. Didn't the state's auditor question Reynold's "banking" this money instead of using it as intended...and didn't Kim "win" a court litigation over it? More of "owning the libs"....
I think part of the reason Reynolds is going unchecked right now is since Iowa has become such a deep Red State, Rob Sand and Tom Miller are fearful of losing in November and are not challenging Kimmy.

And if Miller is going to just "rubber stamp" Reynold's actions...he needs to exit.

The Democratic Party in Iowa is an embarrassment right now.
 
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lucas80

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Jan 30, 2008
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Anyone else remember when us Iowans voted for our money to go towards conservation and water quality improvement projects, and the GOP has refused to follow our wishes? But, tax cuts are coming!!!
 

Huey Grey

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Jan 15, 2013
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Anyone else remember when us Iowans voted for our money to go towards conservation and water quality improvement projects, and the GOP has refused to follow our wishes? But, tax cuts are coming!!!
And now less food safety with severe food inspection cuts.
 

Chishawk1425

HR Legend
Nov 27, 2019
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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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