Iowans Can’t Afford Mike Franken

WEST DES MOINES — The Grassley Works campaign announced a new television advertisement supporting Senator Chuck Grassley’s re-election. The ad highlights Mike Franken’s plan to raise taxes on all Iowans while the economy is in a recession.  

“Senator Chuck Grassley delivered on historic tax relief for small businesses, including creating the Small Business Deduction, lowering individual tax rates, and providing relief from the estate tax. Many of these provisions are scheduled to expire in the next Senate term. NFIB members support proposals to continue this tax relief and oppose efforts to increase taxes, such as increasing capital gains taxes and scrapping the cap on Social Security taxes. Iowa small businesses face a stark choice in this election on tax issues, which is why NFIB’s PAC endorsed Senator Chuck Grassley.” — National Federation of Independent Business

“In Iowa, lawmakers have listened to voters who want to pay less in taxes not more. Since the last election, Iowa has lowered the state income tax to a flat 3.9%, eliminated the taxation of retirement income and ended Iowa’s inheritance tax. Michael Franken’s ideas to increase taxes will move the opposite direction, putting our family budgets and our economy in danger. The Biden economy has already become difficult for Iowans to manage, and we simply cannot afford these new tax hikes.” — Chris Hagenow, President of Iowans for Tax Relief

“At a time of record-breaking inflation contributing to Iowans’ soaring cost of living, Iowans need a Senator who will provide tax relief, not tax hikes. Plain and simple – Iowans cannot afford Mike Franken,” Grassley Works Communications Director Michaela Sundermann said.

The :30 spot premiered Thursday across the state. 

BACKGROUND:
Mike Franken wants to:

  • Raise taxes:
    • Mike Franken called the Inflation Reduction Act, or more aptly called the Inflation Enhancement Act, a “great step forward” and applauded its passage. Analysis by the Tax Foundation states that the partisan tax-and-spending spree will make inflation worse and according to the nonpartisan Joint Committee on Taxation, Americans making less than $400,000 will see tax increases. Sky-high inflation effectively serves as a tax hike on all Americans.
    • Additionally, at a debate hosted by Iowa PBS, Mike Franken told the moderators he wants to “repeal the Trump tax breaks,” which provided tax relief for lower and middle-income earners as well as small businesses and farmers in Iowa. However, according to a Tax Foundation analysis, every income group in each one of Iowa’s Congressional districts had a tax cut from the Tax Cuts and Jobs Act. Repealing these cuts would mean every income group in Iowa would see a tax hike.
  • Increase income tax rates up to seventy percent:
    • At a campaign event in Winterset in May, Mike Franken said, “Change the tax code. Remember the seventies where those that made a lot of money paid 70 percent tax? Now, it’s not that. And the write-offs are ridiculous. We can do this. When people say there’s no money, let me tell you about money. Yes, there is.” 
  • Increase the estate tax: 
    • The estate tax relief helping family farms and small businesses was a part of the Tax Cuts and Jobs Act.
    • Mike Franken at a debate hosted by Iowa PBS told the moderators he wants to “repeal the Trump tax breaks.” 
  • Expand the capital gains tax:
    • Mike Franken at a debate hosted by Iowa PBS said, “But what is greater needed, Erin, is a broader tax to look at the capital gains associated with various property ownerships. This is a ripe area for additional revenue.”
  • Cut the Child Tax Credit:
    • The Child Tax Credit was doubled in the Tax Cuts and Jobs Act.
    • Mike Franken at a debate hosted by Iowa PBS told the moderators he wants to “repeal the Trump tax breaks.” 
  • Remove the social security tax cap:
    • At a campaign event in Spencer in June, Mike Franken said, “If we don’t do something about Social Security in 11 years, 12 years, what you get in Social Security comes from the workers in real-time, and it will be reduced because there’s not enough workers in society to keep it at the level when it presently is, the COLA increases. So you need to get rid of that 147 cap. You must get away, get out of that right away.”
  • Create a new carbon tax on fuel and utilities:
    • Mike Franken via Iowa Public Radio, “Well, certainly, I’d be a fan of a carbon tax and incremental and build to a crescendo of sorts. I think Iowa is in the catbird seat in terms of being value-added from a climate perspective. Our farmers making slight changes to our farming practices, or hugely monumental changes to our farming practices can change Iowa’s place and make our farmers instead of the villains they often are categorized as with water issues to be heroes from a climate change perspective.” 

###