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The Iowa Senate has approved a constitutional amendment that would require Iowa to have a flat individual income tax rate — if the state imposes an income tax at all.
Iowa's top income tax rate this year is 5.7%. The state was already transitioning to a 3.9% flat tax by 2026 under a law Reynolds signed two years ago.
Gov. Kim Reynolds has signed a law lowering Iowa's income tax to a 3.8% flat rate next year, speeding up a series of planned cuts.
The average effective state and local taxes for all states for different income groups. Sales taxes and excise taxes (blue), property taxes (green), state income taxes (red), and total taxes (clear). [5] Forty-three states impose a tax on the income of individuals, sometimes referred to as personal income tax. State income tax rates vary widely from state to state. States imposing an income ...
A separate amendment proposal, approved by the Senate last week, would require Iowa to have a flat individual income tax rate.
A flat tax (short for flat-rate tax) is a tax with a single rate on the taxable amount, after accounting for any deductions or exemptions from the tax base. It is not necessarily a fully proportional tax.
A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. [2] The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate. [3]
Specifically, they approved legislation that accelerates the 2022 tax package and builds upon it, giving Iowa a flat income tax rate of 3.8% in 2025.
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