Reynolds backs $ 2 billion tax cut with income tax rate changes
DES MOINES, Iowa (AP) – Iowa Gov. Kim Reynolds on Tuesday night proposed that Iowa cut taxes by nearly $ 2 billion by switching to a 4% lump-sum income tax on four years and repealing all state taxes on retirement income starting next year.
The plan would allow retirees 55 and over to exempt income from individual retirement accounts, pensions and annuities and would include farmers who can exempt income earned from cash rent on farmland or capital gains on farmland. the sale of their farmland.