Wealthy to get biggest share of Iowa tax cuts
BUSINESS RECORD STAFF May 14, 2018 | 4:13 pm
1 min read time
121 wordsAll Latest News, Economic DevelopmentAssociated Press: Most middle-class families in Iowa will see a tax cut under the tax legislation sent to Gov. Kim Reynolds, but the largest share of the benefits go to the wealthy. A family of four making $48,000 would receive a 10 percent cut worth about $184 a year. On average, middle-class families — those making between $30,000 and $100,000 a year — will see tax savings between $86 and $257 next year, based on an analysis by the Department of Revenue. About 93 percent of all middle-class households would see some savings. Those middle-class households will receive about a quarter of next year’s tax savings, compared with more than 40 percent that goes to the top 4 percent of taxpayers.