(Radio Iowa) One-point-four billion dollars. That’s how much MORE in taxes was paid to the state in the last 12-months compared to the previous fiscal year.
The state fiscal year ended June 30th. According to the Legislative Services Agency, there was an 18-point-six percent increase in state tax revenue during that 12-month period compared to the previous fiscal year. As you’ll recall, the final four months of THAT year were March, April, May and June of 2020 when the bottom dropped out of the economy due to the pandemic. The state ended the fiscal year on June 30th with a surplus of about half a billion dollars. Last month, as she signed a series of tax cuts into law, Republican Governor Kim Reynolds announced she’ll be proposing more cuts to personal income taxes next year.
In this just-concluded fiscal year, Iowans paid nearly 17 percent more in personal income taxes to the state. Corporate taxes grew nearly 52 percent. Sales and use tax payments grew by 10-point-six percent.