What tax reform means for Iowa

Jun 11, 2018 | Communications •

Under the Tax Cuts & Jobs Act, a typical, middle-income family of four in Iowa will see a tax cut of $2,487. And that’s not including the lower utility rates, bonuses, and increased job opportunities under this new booming economy.

Our economy is stronger than it’s been in nearly two decades, and House Republicans from Iowa shared the excitement they’re hearing at home. Check it out ↓

REP. DAVID YOUNG

“Mr. Speaker, Iowa’s economy is humming, paychecks are growing, employers are hiring and investing, unemployment is low. Not too long ago, during National Small Business Week, I visited with the Urbandale Chamber of Commerce to talk about the benefits of the new tax code. A small business owner told me: ‘When the new income tax calculations came out, my employees all asked why their paychecks were bigger.’ The business owner told them it was because of the Tax Cuts & Jobs Act. They thought there was a mistake. But, no, this is real, and workers are feeling the benefits of the tax relief law.

“A constituent from the Des Moines metro area called the office one day to share with us that his monthly income had gone up $300 because of tax relief. That is real money to Iowans.

“A resident of Council Bluffs shared he was receiving over $100 more in each paycheck, which he and his wife are using to make their car payments. It is helping Iowans.

“A small brewery in Glenwood, Iowa, in Mills County called Keg Creek is expanding their operations and investing in new equipment as they grow.

“A manager at Jethro’s BBQ in western Des Moines said: ‘Our employees are bringing home more money. Everyone across the board is taking home more money. I can’t be more clear about that.’ He continued: ‘It is helping the people that work for us.’

“Mr. Speaker, the new tax law is helping people across the Third District, throughout all of Iowa, and the country. We see this reflected in data and we just heard it through testimonials. Since the Tax Cuts & Jobs Act was passed, one million jobs, we have heard, have been created; unemployment is at the lowest rate in 50 years; and for the first time in 17 years, two-thirds of Americans say it is a good time to find a quality job. Consumer confidence is the highest it has been in nearly 2 decades. Compensation increases for workers at small businesses are at the highest level in 20 years. Average hourly and weekly earnings are 3.4 percent higher than this time a year ago.

“We hear the statistics, because the evidence is clear, and we hear the voices of our constituents telling us this as well. Our pro-growth policies, tax relief, and commonsense regulatory reform are working.

“I look forward to seeing our economy continue to grow and flourish and to see American workers and their families continue to thrive. Allowing workers to keep more of their hard-earned dollars is simply the right thing. And when you do the right thing, good things happen. Good things are happening in Iowa because of this tax relief.”



King’s Best Vote: Ending the Tax Code as We’ve Known It

VIEW ONLINE | “The best vote I have cast in Congress was my vote in favor of the Tax Cuts and Jobs Act signed into law this year by President Trump,” said King. “This vote ended the tax code as Americans have known it, and replaced it with one that has set the stage for an explosive economic expansion that will place us firmly on the road to Making America Great Again. Because we have enacted the Tax Cuts and Jobs Act, today is the last Tax Day that Americans will have to deal with the outdated provisions of a 30 year old code that no longer met our needs. ”

“When he came to Iowa in March, Vice President Pence told Iowans that their families could expect to see an increase in their paychecks of $4,100 due to the new law. Already, companies throughout Siouxland, such as Tyson, Wells Fargo, and AT&T, have provided thousands of their employees with large bonuses directly attributable to the enactment of the bill.  In addition to lowering individual tax rates, providing Death Tax relief, and increasing the size of many popular deductions, the Tax Cuts and Jobs Act even repealed the unpopular ObamaCare Individual Mandate, a penalty that fell disproportionately on those earning less than $50,000/yr. Repealing this mandate is a key step in furtherance of my goal of eliminating ObamaCare as if it had never been enacted.”