![]() Connecticut, for example, is a progressive state that has lowered its income tax on the two lowest marginal rates. While state tax reform is mostly occurring in Republican “red” states, even some Democrat “blue” states are considering lowering rates. ![]() This movement has been amplified as individuals become better able to take advantage of remote work and businesses and entrepreneurs can more easily shop around for the best local conditions in which to expand or start new businesses. A mass exodus is occurring as people flee high-tax states to states with better tax climates. States are increasingly in competition with each other for both jobs and people. During the next legislative session, the Iowa Legislature should seize the opportunity to lower tax rates, placing the income tax on a path toward full repeal. With more states lowering income tax rates, Iowa must not become complacent. Furthermore, Williams argues that “states are focusing on the right kind of taxes to cut, income and capital-based taxes.” Taxes on income are the most harmful because they punish economic growth and productivity they also reduce incentive for individuals to work or to start or expand businesses.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |