Tuesday, October 23, 2012

Guv Considering State Income Tax Option

Gov. Branstad's thinking about an income tax change that would let you decide whether not to deduct your federal taxes from your state tax liability or just pay a lower flat state income tax. KCCI reports Branstad's considering putting this into the property and income tax reform plan he'll give lawmakers next year. The state's highest income tax rate is 8.9%, but falls to the 6% ranger after federal taxes are deducted.

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