A new report estimates 186-thousand middle class Iowa households will pay more taxes under plans that are pending in the US Senate. Mike Owen of the Iowa Policy Project says half of the tax cuts would go to the top one percent of wealthy Iowans.
That analysis of the Iowa impact comes from the Institute on Taxation and Economic Policy. A senate committee is scheduled to vote soon on a federal spending plan that will lay the groundwork for tax cuts
ReShonda Young is a small business owner from Waterloo whose “Popcorn Heaven” outlets now operate in five locations. She says the proposed business tax cuts won’t lower her taxes.
Republicans say they’re aiming for tax cuts that will stimulate economic growth. The G-O-P also argues it’s impossible to determine the full impact of the party’s tax cut package yet because the details are still being worked out.
