Tax hearing shows Republican corporate tax plan raises residential property taxes; devastates local job-creation

“While Wall Street corporations get millions, homeowners get the largest property tax increase in Iowa history. Local job creation efforts will be devastated and bond defaults caused by the Republicans’ haphazard approach will mean additional residential property tax hikes.”|Statement by Iowa Senate Ways and Means Chair Joe Bolkcom

“After today’s public hearing, the threat posed by the poorly thought-out Republican corporate tax plan is more clear.

“While Wall Street corporations get millions, homeowners get the largest property tax increase in Iowa history. Local job creation efforts will be devastated and bond defaults caused by the Republicans’ haphazard approach will mean additional residential property tax hikes.

“In contrast, under the Senate Democratic commercial property tax cut, there is more commercial property tax relief for more property taxpayers, no tax shift onto residential property taxpayers, and no harm to local government services, bonding or economic development.

“No wonder Republicans threaten a government shutdown if they don’t get their way. Throwing a political tantrum is the only hope for this disastrous corporate tax plan.”

Hearing Highlights:

– Story City city administrator Mark Jackson on how the Republican plan will devastate local economic development (video)

– Bond attorneys explain how most bond defaults caused by the Republican plan must be repaid by residential property tax increases (video)

– Senator Herman Quirmbach’s two-minute summation of the two hour hearing (video)

– Property tax fact sheet: Wall Street vs Main Street (PDF)

– Opening statement by Committee Chair Joe Bolkcom (PDF)

– Additional video and statements from the hearing|