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Candidate For Gov. Unveils Tax Plan
DES MOINES (AP) -- Democratic candidate for governor Jack Hatch says he has a plan to cut income taxes for middle class residents.
The state senator from Des Moines unveiled his proposal Wednesday. Among his goals are modifying tax rates and ending the policy that allows taxpayers to deduct federal income taxes on their state tax returns.
Hatch also wants to increase tax credits offered to some with children or dependents, as well as exempt some wages from taxation in two-income households.
An analysis by the state Department of Revenue shows the plan would reduce taxes for those with incomes below $200,000, but would increase the tax burden for those with higher incomes. It would cost the state $415 million in lost revenue in the 2014-2015 fiscal year and $296 million the following year.
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