A few republican legislators are starting to have second thoughts about the150-million dollar tax cut package that’s advancing through the Senate andHouse. Senate Appropriations Committee chairman Derryl Mc-Laren, arepublican from Farragut, says the state’s financial picture has dimmed inrecent months.Mc-Laren says some of his colleagues don’t realize how bad the farm economyis.Last week, the House Ways and Means Committee approved a bill which wouldprovide 73-million dollars worth of income tax cuts, and Committee ChairmanJamie Van Fossen of Davenport says there’s no turning back.Van Fossen rejects the idea that the 150-million dollars worth of tax cutswould put the state in fiscal jeopardy in future years.The chairman of the Federal Deposit Insurance Corporation recently cited astudy which concluded more than one-third of Iowa farms will requirefinancial restructuring or liquidation if the current level of low commodityprices persists through next year.
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