It's Working Iowa
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Thank you for your interest in our It's Working Iowa campaign! Below we have outlined all of the issues we are talking about with Iowans all across the state!
This was the first school year that families in Iowa could use their student’s equal portion of state education funding at an accredited school of their choice. Education Savings Accounts are already empowering over 18,000 Iowa students to pursue an education that best fits their learning needs!
The introduction of Education Savings Accounts (ESAs) represents a landmark achievement in educational choice. This initiative, which saw over 18,000 K-12 students become eligible in its first year out of 29,000 applicants, underscores the state's commitment to empowering families and students. By becoming one of only seven states to offer universal ESAs, Iowa is leading the way in educational innovation, allowing families to tailor their children's education to their unique needs and aspirations!
Iowa is spending less so you save more! The State ended FY2023 with a budget surplus of $1.83 billion in the General Fund, $902 million in reserve funds and $2.74 billion in the Taxpayer Relief Fund. Now when actual state revenue exceeds the projections made by the Revenue Estimating Conference, the surplus is deposited into The Taxpayer Relief Fund, and then designated for future tax reduction efforts. As the state spends less money than it takes in and exceeds projected revenue estimations for the year, expect to see additional tax cuts. While we deal with crippling inflation, it's great to hear some encouraging news from our state government!
The State Government is lowering the income tax rate to a flat 3.9%! The median household in Iowa ($60,523 in income) will see its income tax burden decline by 26 percent to be reinvested directly into Iowa’s economy. In fact, we have already begun to save money because of this gradual decline in our income tax rate. This change, alongside eliminating taxes on retirement income, also ensures that Iowa's seniors can enjoy their retirement years with financial peace of mind. Furthermore, recent cuts lowered the corporate income tax from the nation's worst high-end corporate tax rate of 9.8% to 5.5%. This revitalizes our business landscape, promising a more vibrant economy.
According to the Joint Economic Committee, it now costs the average Iowan over $10,300 to keep the same lifestyle as they had in 2021! Although we are negatively impacted because Congress has a spending problem, continued Fiscal Responsibility by our state government is paving the way for additional relief! We want Iowans to be able to keep more of their hard-earned dollars!
We fought to eliminate needless government regulations! The State of Iowa now universally recognizes out of state occupational licenses, has significantly reduced the barriers to entry into the trades, and cut additional red tape stifling economic growth!
Iowa has taken a significant step forward with occupational licensing reform, making it simpler for professionals moving to the state by recognizing out-of-state occupational licenses universally. This reform is not just about cutting red tape; it's about welcoming talent and expertise into our community, making it easier for skilled workers to contribute to our economy without the hassle of re-certification.
A study by the Knee Center for the Study of Occupational Regulation at the West Virginia University has highlighted the positive impact of this reform, showing an increase in employment in Iowa as a direct result. This finding underscores the effectiveness of reducing barriers for professionals, which in turn supports our local businesses and enhances job opportunities for our residents.
By eliminating ineffective and burdensome regulatory policies we are creating a more business-friendly environment that encourages innovation and entrepreneurship. This forward-thinking approach will ensure that Iowa remains a place where businesses can start, grow, and thrive, without being held back by unnecessary regulations. Our commitment is to foster an economic landscape that supports the aspirations of entrepreneurs and meets the needs of our community, ensuring a prosperous future for all Iowans.
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