On this federal tax deadline day, some Iowans are considering changing their withholding allowances.
Federal tax cuts enacted late last year put more money into our checks, but the higher take-home pay could end up being a tax liability. Iowa Senator Chuck Grassley says the tax cuts were “absolutely” worthwhile and are a benefit.
“I would look at it from the big picture of economic growth,” Grassley says. “For eight years, we had economic growth of 1.4% and we’ve gotta’ have 3% economic growth and one way to do it is to cut taxes.” Grassley says that money can be better spent by the people who earned it than by Uncle Sam, as he says politicians in Washington too often let politics influence how those tax dollars are allotted.
“This tax cut is really helping middle class America who, probably between 2000 and right now, has not had any pay increase. Maybe today, their salary’s purchasing power is even less than it was in 2000.” Grassley says the 150-million-some taxpayers nationwide should have more say in how the money they earn is spent — or saved — and the tax cuts return more of that money to the people where he says, “it does more economic good.”
“Jobs, growing the economy, more economic freedom — is what tax cuts are all about,” he says. Grassley, a Republican, says there needs to be less regulation and Congress needs to “be more careful how we spend the taxpayers’ money.”