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September 2012 Policy Study, Number 12-11

   

Orascom or OraScam? Corporate Income and Property Tax Reform Needed

   

Conclusion: Corprate Income and Property Tax Reform Needed

   

 

Governor Branstad has now publicly stated that one of his goals for the next Legislative session is addressing the corporate tax structure so that special incentives for individual companies – leading to at least the implication of favoritism and government picking winners – are not necessary. His proposal should be solid and robust – addressing the wide range of special interest loopholes in the Iowa tax structure, simplifying the process, and lowering the rates for everyone. If we can continue to win companies from Illinois and other states and facilitate the growth of locally owned businesses by having a better tax structure for all businesses and not just for some, this will be a win – not a scam – for everyone.

 

Will Orascom and Iowa Fertilizer Company be a good neighbor and an honest company, delivering on the promised jobs and increased economic stability of the Lee County and southeast Iowa area? Will the special deals and tax incentives be worth what they will cost?

 

Additionally, Senator Bolkcom has now publicly stated he supports and wants wide ranging corporate income tax and corporate property tax reform. Therefore, Iowans can look forward to a new and more cooperative attitude from the Iowa Senate in January, and the quick passage of significant reforms, supported by members of both political parties. And will the Iowa Senate and Joe Bolkcom really support corporate income and property tax reform – or is that the real scam?

 

Only time will tell.

 

   

 

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