Today, for the first time in ten years, the U.S. House of Representatives has voted to repeal the federal estate tax. The final vote on HR 1105 was 240-179, with 233 Republicans and 7 Democrats voting yea. The bill was...
- The Tax Policy Blog
- Connecting the Dots in Iowa
Connecting the Dots in Iowa
Joe Kristan at the Tax Update Blog seems to think there is some connection between taxes, tax expenditures (in this case, tax cuts for beautiful movie stars and fascinating movie directors), and government spending (in this case, education). And he isn't the only one buying into such crazy ideas.
In all seriousness, education funding is a topic worth discussing and one that gets many people fired up. I could offer my views on education funding, but I'm not an education expert. And it doesn't matter, because the point is that if Iowans don't want to cut education spending, giving up film credits would be a huge step in that direction. Today is the deadline for state agencies to submit their plans to comply with Iowa Gov. Chet Culver's 10% across-the-board budget cut for the state. That amounts to $600 million. Kristan points out that the now temporarily suspended film tax credit program was projected to cost the state $363 million.
Subscribe to the Tax Foundation Newsletter
We will never sell or share your information with third parties.
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.