Stop Shredding Our Budget
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REVENUE REPAIR KIT
Please call and/or email your Senator and Representative on Thursday, March 18th for a "Virtual Rally" and ask them to use these three tools as a Revenue Repair Kit for Iowa's shredded budget:
Adopt combined reporting. Close the loophole that enables large multi-state corporations to transfer profits out of state that are made in Iowa. This practice creates an unfair advantage with main street Iowa businesses.
Limit the research activities credit to $250,000 annually, ensuring it supports the start-up entrepreneurial research activities for which it was designed. Iowa should no longer provide a corporate subsidy refund to highly profitable corporations that already pay little corporate tax.
Limit the total exclusion of capital gains profits on the Iowa income tax to the first $100,000. Tax the rest at the same rate as income earned by working Iowans.
These three provisions meet the test of fairness and competitiveness.
They have strong public support.
They generate additional revenue to help put Iowa's budget on a sustainable foundation: - $32 million for 2011
- $104 million for 2012
- $149 million for 2013
Also on Thursday, a (small) rally will be held at the Capitol at 10:00 a.m. If you are in the area and would like to attend, please let me know. We would love your company! If you can't make it, please be sure to call in!!!
The
Coalition for a Better Iowa
(Every Child Counts is a member) urges Iowa lawmakers to begin repair
on the state's shredded budget and put Iowa back on stable fiscal
footing. The cuts to the 2011 budget harm education, public safety, and
human services, and Iowa's children, families, and seniors. Further,
these cuts will slow Iowa's economic recovery for years to come.
The revenue side of the budget
equation hasn't received full attention this session. State revenue
continues to be eroded by the recession, corporate tax loopholes, and
tax credits and expenditures have been allowed to grow without
examination or review. The expenditure side of the budget equation has
been cut in the name of "balancing" Iowa's budget, but there are other
solutions available that meet principles of fairness and accountability.
Lawmakers can take immediate steps that will help reduce the severity
of cuts to the 2011 budget and prepare for a balanced approach to the
2012 budget.
Policymakers can prove to Iowans across the state that they too want to help repair the budget, provide essential services, and support state economic recovery and long-term budget sustainability.
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