Iowa governor signs flat tax bill into law
DES MOINES, Iowa (AP) – Iowa Gov. Kim Reynolds has signed into law a tax bill that creates a 3.9% flat tax in four years, eliminates taxes on retirement income and lowers taxes for corporations at an estimated cost of about $2 billion to state income but with little impact for many middle class and low-income earners.
Democratic Party Chairman Ross Wilburn says the bill hands millionaires an extra $1,200 a week, while teachers and truck drivers get less than $12 a week.
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