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 Iowa State Tax Information 2007

2007-2025 Form

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REPORTER TODD MAGEL TELLS US WHAT THIS MEANS FOR IOWANS. REPORTER: THERE ARE TWO WAYOFS LOOKING AT IT. ONE IS HOW MUCH MONEY YOU MIGHT SAVE BY PAYING LESS INCOME TAX. THE OTHER IS, WHAT WILL LOWER TAXES MEAN FOR THE PUBCLI SERVICES YOU USE IN IOWA. WE SPOKE WITH DAVE SWENSON IN THE IOWA STATE UNIVERSITY DEPT OF ECONOMICS. HE SAYS THE MEDIAN IOWA TAXPAYER HAS A TAXABLE INCOME OF AROUND $45,0. A NEW 3.9% FLAX TAX WOULD REDUCE INCOME TAX ON THAT AMOUNT BY ABOUT $593 A YEAR. WEALTHY TAX PAYERS WOULD SAVE EVENORE. M A PERSON WITH A MILLION DOLLAR TAXABLE INCOME WOULD SEE THEIR TAXES GO DOWN BY MORE THAN $66,000 A YEAR. TAX EXPERTS SAY THE FLIP SIDOFE THE CUTS IS POTENTIAL REDUCTION IN STATE SERVIS.CE >> I SEE THIS AS A POTENALTI WARNING SIGN THAT WE ARE GOING TO REDUCE THE LEVEL OF STETA PUBLIC SERVICES AND STATE PUIC GOODS, STATE COMMITMENT TO EDUCATION, AND STATE COMMITMENT TO HEALTH CARE AND OTHER KINDS OF IMPORTANT STATE SERVICES AND IFHA TT'S THE DIRECTION WE ARE

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