Tax cuts are working in Iowa
By Vice President Mike Pence
The Des Moines Register
March 5, 2018
Our economy is going to keep picking up speed, because just over two months ago, with the support of Iowa’s Republican leaders in Congress, we passed the largest tax cuts and tax reform in American history.
We cut taxes for hard-working Iowans. The first $24,000 in income for a married couple is now 100% tax free, the child tax credit is twice as high as it was before, and 90% of working families will soon see the tax cut reflected in their paychecks. All told, we estimate the typical Iowa family of four will see a tax cut of almost $2,500.
We also cut taxes for job creators of all sizes. We slashed the corporate tax rate from the highest in the developed world to below the average, so Iowa companies can compete and win against businesses anywhere in the world. Iowa small businesses and family farms also received significant tax relief, which means deeper roots and bigger investments in their communities.
Thanks to our tax cuts, companies are investing as never before in Iowa workers and Iowa’s future. Company after company is giving bonuses to workers all across the Hawkeye State. In Des Moines alone, thousands of workers have received an average bonus of $1,000, and more than 20,000 Iowans have gotten a raise. Many other companies across the state have followed suit, with raises, bonuses and better benefits for their workers.
Overall, working families in Iowa can expect to see their paychecks grow by more than $4,100 a year. And that extra money will be on top of the tax cuts that are already making a difference in Iowa wallets.