Two numbers say so much: 140 and $36 million.
Last year, 140 companies paid no income taxes in Iowa but — through the tax code — received $36 million in research checks.
Those two numbers alone tell us two things: We have a problem with transparency, and we have a problem setting priorities.
We know those two numbers because Iowa’s Department of Revenue is required every February to report on the use of the state’s Research Activities Credit.
When we start talking about raising the minimum wage in Iowa the most important point is that we’ve been at $7.25 since Jan. 1, 2008, more than a year before the federal minimum rose. And every year that goes by without an increase affects Iowa families who are struggling to keep their heads above water. Families that count on minimum wage income for a major share of their household budget have seen their costs rise dramatically over the past six years.
Editor’s Note: This post is excerpted from a statement by David Osterberg, founder of the Iowa Policy Project, to the Iowa Utilities Board, February 25, 2014, in docket NOI-2014-0001 Full statement submitted to IUB is here