Lawmakers pass budget, tax cut before ajourning

posted by 1430 KASI -

Iowa lawmakers are done for the year after passing a $7.5 billion budget and massive tax cut bill.  The party-line vote on both happened Saturday--18 days after the scheduled end of the session.  The new tax law sees Iowa's top tax rate fall to 6.5 percent by 2023. Under the plan, revenue estimates must be met for the new top rate to take effect.  To help pay for the plan, sales taxes would be charged on subscription services like Netflix.  Corporate taxes would also fall under the plan to 9.8 percent.

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