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Jack Hatch on Tax Reform

 

 


Middle-class tax cut averaging $1,013 for all below $200K

My plan for an Iowa income tax cut for middle-income families, which I'm calling the "Middle Class Income Protection Act," offers the largest income tax cut in more than 40 years. A family earning between $80,000 and $90,000 annually will see an average tax cut of $1,013. The plan is driven by two factors:
  1. The ever-increasing stress on middle-income families with children at home, when it comes to making ends meet; and
  2. The rising number of dual-income households in which having two parents work outside the home is no longer a choice, but a necessity. Iowa's middle class has been squeezed too much for too long and its time to give these families a much-needed break.
The Iowa Department of Revenue (IDOR) reviewed my plan and concluded:
Source: 2014 Gubernatorial campaign website, jackhatch.com , May 2, 2014

Retain progressive tax system with higher filing threshold

My plan makes 5 major changes to the current state income tax system, including:
  1. Raising the per-child tax credit from $40 to $500. Iowa's current per-child credit of $40 is an embarrassment.
  2. Exempting the first $1,000 in secondary earner's wages. A "dual-wage-earner" credit will give a break to households where both parents have to work to make ends meet.
  3. Raising filing thresholds for individuals and families. The thresholds for single filers under age 65 would go up from $9,000 to $20,000 and for others under 65 from the current $13,500 to $24,500. This change helps Iowa retain a progressive income tax system while giving middle class taxpayers a break.
  4. Changes to tax rates by bracket and top bracket reduction. The current 8 rates and brackets is reduced to just 4 rates (3%, 4%, 6.2% and 8.8%). The top rate falls from 8.98% to 8.8%.
  5. Elimination of federal deductibility. The provision in Iowa's tax code makes Iowa's rates appear artificially high.
Source: 2014 Gubernatorial campaign website, jackhatch.com , May 2, 2014

Other governors on Tax Reform: Jack Hatch on other issues:
IA Gubernatorial:
Andy McGuire
Chet Culver
Kim Reynolds
Nate Boulton
Rich Leopold
Terry Branstad
Tom Hoefling
IA Senatorial:
Bruce Braley
Doug Butzier
Joni Ernst
Matthew Whitaker
Sam Clovis

Gubernatorial Debates 2017:
NJ: Guadagno(R) vs.Phil Murphy(D, won 2017 primary) vs.Ray Lesniak(D, lost 2017 primary) vs.Mayor Steve Fulop(declined Dem. primary, Sept. 2016) vs.Lesniak(D) vs.Wisniewski(D) vs.Ciattarelli(R) vs.Rullo(R)
VA: Gillespie(R) vs.Perriello(D) vs.Wittman(R) vs.Wagner(R) vs.Northam(D)
Gubernatorial Debates 2018:
AK: Walker(i) vs.(no opponent yet)
AL: Kay Ivey(R) vs.Countryman(D) vs.David Carrington (R) vs.Tommy Battle (R)
AR: Hutchinson(R) vs.(no opponent yet)
AZ: Ducey(R) vs.David Garcia (D)
CA: Newsom(D) vs.Chiang(D) vs.Villaraigosa(D) vs.Delaine Eastin (D) vs.David Hadley (R) vs.John Cox (R) vs.Zoltan Istvan (I)
CO: Ed Perlmutter (D) vs.Johnston(D) vs.Mitchell(R) vs.Cary Kennedy (D) vs.George Brauchler (R) vs.Doug Robinson (R)
CT: Malloy(D) vs.Drew(D) vs.Srinivasan(R) vs.David Walker (R)
FL: Gillum(D) vs.Graham(D) vs.Mike Huckabee (R) vs.Adam Putnam (R)
GA: Kemp(R) vs.Casey Cagle (R) vs.Hunter Hill (R) vs.Stacey Abrams (R)
HI: Ige(D) vs.(no opponent yet)
IA: Kim_Reynolds(R) vs.Leopold(D) vs.Andy McGuire (D) vs.Nate Boulton (D)
ID: Little(R) vs.Fulcher(R)
IL: Rauner(R) vs.Kennedy(D) vs.Pawar(D) vs.Daniel Biss (D) vs.J.B. Pritzker (D)
KS: Brewer(D) vs.Wink Hartman (R)
MA: Baker(R) vs.Gonzalez(D) vs.Setti Warren (D) vs.Bob Massie (R)
MD: Hogan(R) vs.Alec Ross (D) vs.Richard Madaleno (D)
ME: (no candidate yet)
MI: Whitmer(R) vs.El-Sayed(D) vs.Tim Walz (D)
MN: Coleman(D) vs.Murphy(D) vs.Otto(D) vs.Tina Liebling (DFL) vs.Tim Walz (DFL) vs.Matt Dean (R)
NE: Ricketts(R) vs.(no opponent yet)
NH: Sununu(R) vs.Steve Marchand (D, Portsmouth Mayor)
NM: Grisham(D) vs.(no opponent yet)
NV: Jared Fisher (R) vs.(no opponent yet)
NY: Cuomo(R) vs.(no opponent yet)
OH: DeWine(R) vs.Schiavoni(D) vs.Sutton(D) vs.Taylor(R) vs.Jim Renacci (R) vs.Jon Husted (R) vs.Connie Pillich (D)
OK: Gary Richardson (R) vs.Connie Johnson (D)
OR: Brown(D) vs.Scott Inman (D)
PA: Wolf(D) vs.Wagner(R)
RI: Raimondo(D) vs.(no opponent yet)
SC: McMaster(R) vs.McGill(R) vs.Pope(R)
SD: Noem(R) vs.Jackley(R)
TN: Green(R) vs.Dean(D)
TX: Abbott(R) vs.(no opponent yet)
VT: Scott(R) vs.(no opponent yet)
WI: Walker(R) vs.Harlow(D)
WY: (no candidate yet)
Newly-elected governors (first seated in Jan. 2017):
DE-D: Carney
IN-R: Holcomb
MO-R: Greitens
NH-R: Sununu
NC-D: Cooper
ND-R: Burgum
VT-R: Scott
WV-D: Justice

Retiring 2017-18:
AL-R: Robert Bentley(R)
(term-limited 2018)
CA-D: Jerry Brown
(term-limited 2018)
CO-D: John Hickenlooper
(term-limited 2018)
FL-R: Rick Scott
(term-limited 2018)
GA-R: Nathan Deal
(term-limited 2018)
IA-R: Terry Branstad
(appointed ambassador, 2017)
ID-R: Butch Otter
(retiring 2018)
KS-R: Sam Brownback
(term-limited 2018)
ME-R: Paul LePage
(term-limited 2018)
MI-R: Rick Snyder
(term-limited 2018)
MN-D: Mark Dayton
(retiring 2018)
NM-R: Susana Martinez
(term-limited 2018)
OH-R: John Kasich
(term-limited 2018)
OK-R: Mary Fallin
(term-limited 2018)
SC-R: Nikki Haley
(appointed ambassador, 2017)
SD-R: Dennis Daugaard
(term-limited 2018)
TN-R: Bill Haslam
(term-limited 2018)
WY-R: Matt Mead
(term-limited 2018)
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Page last updated: Jul 14, 2017