A tax cut bill that legislative analyst say will lower revenues for the state nearly $697 million next year and over $1 trillion by 2025 passed Wednesday night in the Iowa Senate.
The bill was called a "bold step in making Iowa more competitive" by Republican Sen. Randy Feenstra of Hull, the chairman of the tax law-writing Senate Ways and Means committee. He called the legislation "the largest tax cut in Iowa's history."
Democrats said the bill also would lower revenues, and could lead Iowa down the path of neighboring state Kansas, which radically cut taxes, only to find its revenues fell short requiring the state budget to be slashed.
Sen. Matt McCoy (D-Des Moines) called it a "bobsled to bankruptcy". Other Democrats said taxpayers will suffer and only get a "Happy Meal" with their tax savings.
However, Feenstra closed the debate saying that the "toy inside that Happy Meal is a one thousand dollar bill"
After passing the Iowa Senate, the bill heads to the Iowa House, which is working on a separate bill based on Gov. Kim Reynolds' tax cut proposal.