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IT'S OUR DESTINY: IOWA NEAR TOP IN INCOME, SALES TAX RATES
February 15, 2007
The Tax Policy Blog has a post linking a number of state-by-state tax comparision charts. You can go here for the corporation income tax rates, individual income tax rates, sales tax rates, and property tax and tax burden comparisions.
Iowa has the highest corporate rate in the country, at 12%, and the 5th highest individual tax rate, at 8.98%. Sure, we we get lots of special interest breaks and federal deductibility, but that just means we have a lot of complexity to go with our high rates.
The highest sales tax rate among the states is 7%, in Mississippi, Tennessee, Rhode Island and New Jersey. Central Iowans will vote on whether to join this elite group in the "Project Destiny" referendum this spring. With all Iowa counties now having a local option sales tax, we have a 6% statewide sales tax rate. The 1-cent Project Destiny tax will put central Iowa in the same 7% league as Tupelo and Newark for economic and cultural dynamism.
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