DES MOINES — Iowans would be in line to receive the largest income tax cut in state history under a bill legislative Republicans passed and praised Saturday as their foremost 2018 accomplishment. But Democrats warned the tax cut would benefit mostly the rich, raise other taxes and blow a ‘massive hole’ in future state budgets.
Majority Republicans in the House and Senate approved a $2.86 billion multiyear state income tax cut and reform package. It will take six years to fully implement and have a general fund impact of about $2.16 billion over that same span, according to state analysts.
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