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The Iowa House of Representatives has approved a bill to cut income taxes by 20 percent, despite an analysis from ITEP showing that the richest 1 percent of Iowans would receive an average of $6,822 while those in the bottom quintile would enjoy a break of just $18 on average.
The bill, H.F. 194, which reduces income tax rates by 20 percent across the board, will now go to the Senate. For more information, see the Iowa Policy Project’s brief on this enormous tax cut.