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Commentary: It s time to repeal outdated health care policy
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COMMENTARY: Reynolds fiscal policies fend off federal overreach
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Sound fiscal policy must begin with spending restraint. Gov. Kim Reynolds and the Republican-led Legislature continued to follow pro-growth fiscal conservatism during the most recently concluded session.
The Iowa Legislature passed an $8.1 billion FY 2022 state budget, which provided an estimated $1 billion in tax relief to taxpayers instead of growing government. This brings the budget well under the average taxpayerâs ability to pay for it as measured by the Tax Education Foundationâs Conservative Iowa Budget, which sets a maximum threshold based on population growth plus inflation.
John Hendrickson
Vance Ginn Submitted
This budget is $290.7 million more than the FY 2021 budget. The $8.1 billion budget is over $4 million more than what Gov. Reynolds initially proposed. Nevertheless, Iowaâs fiscal house is in good standing.
What They’re Saying About TPPF’s Responsible American Budget
May 27, 2021
a plan for the federal government to limit the out-of-control spending that threatens the prosperity of future generations. The key component of the proposal imposes a successful spending growth formula that has kept the budget in states like Texas from spending more than its taxpayers can afford.
The Responsible American Budget has received high praise from members of Congress, top economists, state policymakers, and experts from across the country:
Dr. Arthur B. Laffe
r, Presidential Medal of Freedom recipient: “Government spending is taxation, and we cannot spend and tax our way into prosperity. The Responsible American Budget is a terrific way to rein in this government waste by imposing fiscal limitations on the profligate spenders in Washington.”
Governor Kim Reynolds has made growing Iowaâs economy a priority. To accomplish this goal, she is working to ensure that Iowa has a competitive tax climate.
As a result of following fiscal conservatism of prudent spending and lowering tax rates, Iowa was able to weather the economic impact of the COVID-19 pandemic. Iowaâs fiscal house is in order with full reserves and a surplus. Policymakers should help Governor Reynolds improve the tax climate by lowering income tax rates.
Recently, Governor Reynolds has proposed a tax reform plan that would provide $400 million in tax relief. The Governorâs proposal calls for income and property tax relief and eliminating the inheritance tax. The Iowa Senate has passed similar measures and the House has considered legislation to phase-out the inheritance tax.
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