Iowa revenues projected to drop by $500 million in each of next 2 years due to GOP tax cuts
- Thread starter THE_DEVIL
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Not the first time she “served”….Iowa is a special heaven for the Farm Bureau and MAGAt Repubbers. Just wait until Kim becomes a US Senator…she’ll appoint herself!
If she’s a Repubber counting on Repubber votes Mitch, she has a large deep pool to draw from, unfortunately.
Oh, she's a Dim Kim flunkee, alright.
But if voters in this State can elect 1/2 Dems to Congress this cycle and remove the current GOP super majority here, there will be a move towards the middle, imo.
Based on recent election results in the state? She’s not wrong unfortunately.
Great news for normal people. Bad news for Komrade Kaprugina. (BTW, this video is a great example of what humorless fvcks occupy the American left)
Which will be offset by our incredible gains in tourism. Tourism is our future.
We saw the AEA cuts affect us in real time. My boss was pissed because she "asked her (an AEA friend) to please help us here while she was on her deathbed" (an AEA friend has been around our building helping 1st quarter while fighting cancer - just died last week) because we don't have someone assigned to us due to cuts. Effing Kim Reynolds.
Lets all remember that a big reason there is surplus in the first place is all the federal government COVID stimulus money.
Wow, not even close to what I was getting at but maybe SOME of it was not needed. That's what happens when politicians(from both parties) get their hands in something - but I appluad the Feds for trying. I was definitely in favor of some forms of stimulus. What I'm saying is the tax revenues from that stimulus went into state coffers and now many are claiming "look how responsible we are with our budgets". Those stimulus revenues were pretty much one-time money, so cutting taxes due to having a large surplus that was due to one time money is a bit dangerous. Just pointing this out.
Fair enough,.. But I'd say better to cut taxes than spend money foolishly,.. If and when the time comes to raise taxes, raise taxes.
Cancer SUCKS. I said good morning to her a couple of weeks ago. A few days later she was gone.
It's complicated to do the math, but Govt spending Fed and State is driving a lot of the economy right now, which would naturally create less tax income as the private sector isn't experiencing the gains.
Apparently you don't understand how state taxes work. It isn't fake news. Think of all the other stuff you think you know is fake but is definitely real. This is how we end up with a nut like trump as a candidate.
You must not follow politics much?
Trump's plan into INCREASE tax cuts already in effect.
At leasttaxcutsfor the wealthiest Mericans.
Kinda shoots your last paragraph down in flames.
No. The Trump tax cuts expire in 2025. Unless, the Trump tax cuts are extended, taxes will go up for most Americans who pay taxes.
If there’s no congressional action, the standard deduction will return to their 2017 levels.
Trump and congressional Republicans want to extend the tax cuts.
If Congress doesn't act, the estate tax exemption is due to sunset at the end of 2025. At that time, amounts will drop to a base of $5 million (adjusted for inflation) in 2026. However, the exemption is indexed for inflation.
This means that, even if key TCJA provisions expire, the estate tax exemption will adjust yearly for inflation.
Probably not good news for Jimmy Carter, who has a net worth of $10 million.
Did you provide me with the entire budget?
But I guarantee I could find things to cut. There is always waste in any budget. More so in government or state run ones
Kim has been consolidating agencies in the "effort of efficiency". She is not informing people of some these consolidations. And the entire executive branch is trying to hide information from Rob Sand.
The voucher program needs to be scrapped unless it is for people below the poverty rates, even then I don't support it because special needs kids will not get brought in and money is being taken away from the public districts that will have to handle the special needs students as the private schools will not; and quite frankly can not if they wanted to provide those services now that the AES has essentially been disbanded.
Kim is full of ideas that are suggested to her by private interests and donors. I'm not quite sure she has had one original idea of her own that has substantially improved the lives of Iowans. Ripped on the federal COVID funding, then took it, and then did not spend it for her constituency. The problem is her voter base is uneducated, and don't want to be educated.
The voucher program needs to be scrapped unless it is for people below the poverty rates, even then I don't support it because special needs kids will not get brought in and money is being taken away from the public districts that will have to handle the special needs students as the private schools will not; and quite frankly can not if they wanted to provide those services now that the AES has essentially been disbanded.
Kim is full of ideas that are suggested to her by private interests and donors. I'm not quite sure she has had one original idea of her own that has substantially improved the lives of Iowans. Ripped on the federal COVID funding, then took it, and then did not spend it for her constituency. The problem is her voter base is uneducated, and don't want to be educated.
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You are wrong again. The IRS says it will be $5 million:
The TCJA temporarily increased the BEA from $5 million to $10 million for tax years 2018 through 2025, with both dollar amounts adjusted for inflation. For 2018, the inflation-adjusted BEA is $11.18 million. In 2026, the BEA will revert to the 2017 level of $5 million as adjusted for inflation.
Treasury, IRS: Making large gifts now won’t harm estates after 2025 | Internal Revenue Service
IR-2018-229, November 20, 2018 — Today the IRS announced that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.
Or...Offer parents of newborns a $10,000 18 year 5% bond to do the same. Kid collects $24k at age 18, and if they so choose they can reverse the procedure with the money and have leftover for their trouble.
IPERS is a better deal for Iowa taxpayers than a 401k type system. It’s cheaper. Right now it is about a 1.66 to 1 match. The employer pays 1.66 times. The big factor is that you only get 1% above the current rate of a CD for your money if you pull it out early. Iowa is investing that money and getting a substantially larger return. IPERS is a good deal for Iowa.
Let the tax cuts expire. Repeal corporate tax cuts. Cut federal spending. That is the secret sauce to cutting the deficit.
The only party that will get serious about cutting spending are republicans. The only party that won’t give those spending cuts away in lower taxes are democrats. What is necessary is compromise. The problem is that our electoral system actively discourages compromise.
Good luck.
Especially on the federal level, when was the last time republicans cut spending?
States can get away with it because they still get federal funding as well.
When was the last time the R's controlled the House, and had at least 60 members in the Senate where they could force a reduction in spending?
We see it every year where the D's threaten to shut down the government if they don't get their way.
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