The Iowa Republican: Is the repeal of federal deductibility in doubt?
Excerpted from this post at The Iowa Republican
Over this past weekend, we were told that Democrats in the legislature
and Governor Culver had come to an agreement of the repeal of federal
deductibility. It's now mid-week and legislative Republicans know very
little about the plan, and the people of Iowa are totally in the dark.
We are told that the compromise plan would lower all tax rates or
increase the standard deduction for every taxpayer. What has me
concerned is that when the Democrats rolled out their original
proposal they claimed that it was revenue neutral and taxpayers in the
lowest tax brackets would receive a tax cut. The media took the
Democrats at their words and proclaimed the bill as revenue neutral.
They were wrong.