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The Tax Foundation's new book Iowa Illustrated: A Visual Guide to Taxes & the Economy shows why tax reform should be on the minds of Iowan policymakers and taxpayers. Featuring in-depth research and analysis from the nonpartisan Tax Foundation, and commissioned by the Future of Iowa Foundation, Iowa Illustrated provides reporters, legislators, and taxpayers with an in-depth look at the make-up of Iowa’s tax code and its growing economy.
Here are just a few examples of the more than 30 key findings:
-Iowa relies on federal funding for one-third of its budget
-Iowa’s sales tax rate has tripled since its creation
-Iowa’s business taxes rank poorly nationally, and are uncompetitive regionally
-Iowa has had a net loss of 63,287 people over the last 20 years
-Effective tax rates in Iowa vary widely across different industries.
By offering a broader perspective of Iowa’s taxes and illustrating some of the lesser-known aspects of Iowa’s business environment, this guide provides the necessary facts for having an honest debate about how to improve the structure of The Hawkeye State’s tax system.