FACT CHECK: Taxes
Grassley works to lower taxes.
- Senator Grassley works hard to ensure Iowans can keep more of what they earn. The 60 billion dollars of hard-earned taxpayer money that is brought in in revenue each month should be enough to fund the government if elected officials spend responsibly.
- Senator Grassley was a key leader in delivering historic tax cuts to Iowans through the 2017 Tax Cuts & Jobs Act, which fostered the largest economic expansion in history.
- Senator Grassley works to reform a tax system to make it simple—it should be flatter, fairer, and more efficient. It should reward Americans for working hard, investing and saving the money they’ve earned. Most importantly, he works to ensure you keep more of your hard-earned money in your own pocket.
Mike Franken wants to raise taxes on all Iowans.
- 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. That’s the last thing Americans need right now with the rising cost of living and a shrinking economy. Our tax policy should encourage job creation, make the American economy competitive globally, and increase personal incomes, especially for middle-income Americans.
- The average Iowa family received a $1,763 tax cut under the Grassley-backed tax reform. On top of 40-year high inflation, Franken would force Iowa families to pay nearly $2,000 more in taxes.
- Mike Franken called the Inflation Reduction Act, or more aptly called the Inflation Enhancement Act, a “great step forward” and applauded its passage.
- Franken applauded a bill that independent assessments have shown will actually increase inflation in the short term.
- Another nonpartisan analysis found Franken’s “great step forward” means a $17 billion tax hike on Americans making less than $200,000 next year.
- Franken claimed this bill is “focused on the future.” Here’s what Americans can expect from this bill in the future:
- 200,000 less manufacturing jobs
- $17 billion in slashed wages
- $70 billion in GDP reduction
Iowans are already paying nearly $670 per month more on necessities because of Joe Biden’s inflationary policies and Bidenflation is hurting rural households the hardest, according to the Iowa State University study. If Mike Franken is in the Senate, he’d be nothing more than a reliable vote for Joe Biden’s reckless policies which kill jobs, reduce wages, feed the fires of inflation, and raise taxes in the midst of a recession.