The Great Governor Giveaway
Corporations are feeling good lately. It’s not often that you can get a Republican Governor to do your dirty work, take the flak, and manipulate their minion-like representatives in their state houses. What has started in Wisconsin will soon be in full swing in states like Ohio, Indiana, Florida, Michigan, Oklahoma, New Jersey and coming soon to Iowa, Governor Branstad’s “Corporate Tax Lottery” (Where All CEOs Win!). Governor Branstad recently revealed his plan to cut corporate taxes to stimulate business and promote job growth. Sounds good, doesn’t it? Well, if your company brings in revenues topping 25 million dollars, it’s the mother lode. What about all the small businesses on the main streets of our mostly rural state? Sorry, you don’t get to play this game. The Governor’s plan for tax cuts doesn’t include you. As you read this, raise your hand if your business revenue is north of 25 million. I won’t bother counting; I just pulled up the top contributors to the Governor’s campaign. They are Ag Processors, Meat Processors, Real Estate Companies, Big Businesses, a Republican/Corporate think-tank, and others. I won’t name them, some simple research should reveal them to you as well, but you can bet some of them are included and they stand to benefit greatly from these tax breaks. Previously, a sliding scale from 8% to 12% was applied to Iowa’s biggest corporate earners. That sounds pretty reasonable to me. Of course, I don’t have a campaign to pay for.
Now it’s payback time. Tax rates of Iowa’s top corporate earners will now fall to 6%. Most of these companies will actually turn a profit on their initial “investment” in the Governor. He’s also selling off government departments and programs to the private sector, cutting the benefits and rights of middle-class workers, and putting the brunt of the deficit (a deficit he’s largely created with these tax cuts) squarely on the backs of our four-year-old preschool students. Did he actually campaign on this? Not a chance. You don’t get elected that way. It’s better to make the middle-class take the hit after you’ve been elected and hope they’re too busy making ends meet to notice. He did say he’d be fiscally responsible, we just didn’t know he meant responsible to big business and special interests.
Iowa is truly “Open For Business”, but the transactions have already occurred. The Governor is trying to make sure he provides the “Goods and Services” to those who supported him. He’s simply NOT doing what’s best for Iowa. Branstad is deliberately ignoring the interests of regular, hard working Iowans. Small business owners and middle class families had better be ready to tighten their belts because Big Business and the rich and powerful are waiting in line to stuff their pockets.