(Des Moines) Republicans in the Iowa Senate say they want to give Iowans a choice when it comes to their individual income taxes: either use the current system or choose to pay taxes based on a three-tiered system. Senator Randy Feenstra’s the ranking Republican on the tax writing Senate Ways and Means Committee. He says the new plan would save Iowans a sizable amount of money.
“With this plan on average the tax payer will receive a $360.00 reduction in 2014, and a $520.00 reduction in 2015 for an overall 15-percent reduction,” stated Feenstra.
The second option would eliminate the ability to deduct your federal income tax or your state tax return…but Feenstra says the new method would also increase the standard deduction from 19-hundred dollars for a single filer to three-thousand…for joint filers it would go from 36-hundred-dollars to six-thousand. And the personal tax credit would increase from forty-to-sixty dollars.
Feenstra says he’s hoping the Senate Democratic majority will seriously consider his plan.
Iowa Radio Network
April 10, 2013