Here's what we know about scant tax reform package bill
Iowa Republicans say they're closer to deciding what will be included in a final massive tax reform package that they claim would put more money in Iowans' pockets.
Senate Republicans say they want to finish by the end of the week, but there's still no bill for the public to see.
The Senate Ways and Means Committee talked taxes Wednesday and voted to advance a tax reform bill, but it was merely a procedural move because after three separate tax cut proposals were written, a final bill is still being drawn up.
"It is a significant tax write change," said state Sen. Randy Feenstra, a Republican from Hull who chairs the Ways and Means Committee. "It's approximately 150 pages. It takes time. I humbly apologize that we don't have that ready."
That's drawn criticism from Democrats, including state Sen. Pam Jochum of Dubuque, who said, "It's a plan that's coming out of the blue."
There are some key details of what the final bill will contain. It's set to cut $2 billion in revenue over the next six years, reducing income taxes among all brackets next year, and by 2021, reducing corporate tax rates.
"We need to start rolling back our high rates," Feenstra said.
In this bill, there's no plan to hike taxes on credit unions, Republicans said, but other controversial aspects of previous plans remain. That includes tax credits for solar would be eliminated, and sales taxes would be added to online purchases, streaming services such as Netflix, and Uber and taxi rides.
Democrats said that hits working and middle-class families who use these services, but Republicans said it's modernization.
"What you're doing is raising a regressive tax and then taking that money and then giving it over here to the wealthiest of Iowans," Jochum said.
"What's happening in society, we should be taxing this," Feenstra said. "We're losing sales tax if we don't."
Republicans aim to take the bill to the floor and end the session Saturday.
Democrats are calling this a handout to the wealthy, saying 40 percent of it would go to the top 3 percent. Republicans said it would spread prosperity.
