As the Iowa House of Representatives considers major tax reform, I would like to encourage our lawmakers to support legislation similar to the Iowa Working Families Tax Relief Act (already passed by the Senate), which would reduce taxes on hardworking families and enable economic growth.
The Senate plan also ends the unfair tax exemption for Iowa’s largest credit unions. Consider the community banks that keep our main streets thriving and our farmers farming. They invest in their neighbors, and partner with community members to make Iowa better and they pay their taxes. Credit unions should, too.
The Iowa House should fight for all Iowans by leveling the playing field and not providing a tax exemption for Iowa’s largest credit unions. Not only could these proposals cut the average Iowan taxpayer’s rate by about $1,000 a year, it puts credit unions on the same footing as a bank so Iowa taxpayers don’t have to foot the bill for anyone’s free ride. When it comes to taxes, let’s keep it fair.
I encourage your readers to call their representative in the Legislature and urge them to support this tax legislation that is fair to all Iowans.
Editor's note: Augustyn is a loan officer and vice president at Peoples State Bank