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Thursday, March 26, 2009

Herd on the Hill: Say goodbye to federal deductability

Excerpted from this post at Herd on the Hill

Senate Democratic Leadership is making a bold move by recently
announcing that they will attempt to eliminate federal deductibility.
The message signals that Iowans should brace themselves for a tax
increase. Based on the most recent information, eliminating federal
deductibility would be a tax increase of $594 million. An Iowa
household earning $45,000 would receive an average of a 5% increase in
their taxes or $222. Iowa is one of a handful of states that allows a
100% deduction for federal income tax payments on the state individual
tax return. It protects Iowans from paying a state income tax on money
used to pay their federal income tax.

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