Last Saturday, the United States’ income tax turned 100 years old. Since that day in 1913, the federal government has continued to grow itself year after year, decade after decade. When the income tax was passed in 1913, the top rate was 7%. Today, that top rate is sitting at 39.5% after President Obama’s new tax increases. Since the 16th Amendment was passed, not only have rates gone up, the tax code has become a confusing mess.
House Republicans know the frustrations that Iowans face with the current tax code and want to make it simpler and help Iowans keep more of their own money. House File 3 gives Iowans a choice when paying their income taxes, either through the current system or a 4.5 percent flat tax with no deductions. House Republicans know that NOW is the time for meaningful tax reform.
To read the full Heritage article, click here.