Iowa Governor wants corporate income tax, commercial property tax cuts
Omaha, NE – Iowa Governor Terry Branstad says a combination of tax cuts and education reform will turn the state's economy around.
Branstad visited Iowa Western Community College in Council Bluffs Thursday as part of the "Jobs for Iowa tour." Iowa's unemployment rate is 6.3 percent, and more than 106,000 Iowans are out of work.
Branstad's plan would tax new commercial property at 60 percent and cut corporate income taxes to six percent from their current level of 12 percent. He says those were among the most common job-creating suggestions he heard while campaigning for Governor. "I heard about the challenges and the problems due to the regulatory climate and the tax climate in our state, and how we need to reduce the commercial property tax, the corporate income tax, and how we also need to make it easier for people to start a business or expand a business in our state."
Branstad says Iowa's economic development also depends on education reform. He's called an education summit for July to discuss teacher accountability and education's role in attracting business.