In an unexpected move, Iowa Governor Kim Reynolds has thrown her support behind Florida Governor Ron DeSantis for the 2024 Republican presidential nomination. This endorsement has thrust Reynolds into the national spotlight, as the 2024 presidential race kicks off with the Iowa caucuses on Monday. As candidates vie for the endorsement of the popular governor, Reynolds has also garnered attention for her fiscal conservatism and successful implementation of tax cuts in Iowa.
Since taking office in 2018, Reynolds has prioritized reducing the state’s income tax burden. Iowa has witnessed three consecutive reductions in its income tax rates, bringing it down from the sixth-highest rate in the nation of 8.98% to a more manageable 6%. Critics argue that such reductions can lead to budget shortfalls by reducing revenue. However, despite these concerns, Iowa ended the last fiscal year with a surplus.
Building on this success, Reynolds aims to continue cutting taxes throughout her tenure. She plans to implement a flat tax system that will further reduce the income tax rate to 3.9% by 2026. Reynolds has set an ambitious goal of completely eliminating the individual income tax by the end of her second term in 2027. If achieved, Iowa will join a handful of states, including Florida, Tennessee, Texas, and Wyoming, that have no income tax.
Reynolds’ endorsement of DeSantis over former President Donald Trump has raised eyebrows. Trump, who previously endorsed Reynolds in 2018 and 2022, expressed his disappointment and criticized her decision. However, Reynolds remains steadfast in her support for DeSantis, citing the budget surplus as an opportunity to accelerate tax reduction.
Looking ahead to 2024, Reynolds has outlined three key items for her agenda: continuing tax cuts, boosting economic growth, and securing Iowa’s prosperity. With the budget surplus and a growing economy, she believes that reaching a zero percent state income tax rate is an achievable goal. Reynolds and DeSantis have already embarked on a joint campaign trail, demonstrating their shared vision for a prosperous America.
In conclusion, Governor Kim Reynolds’ endorsement of Ron DeSantis for the 2024 Republican presidential nomination has thrust her into the national spotlight. Her fiscally conservative agenda, marked by successful tax cuts and a budget surplus, has garnered attention and support. Reynolds aims to further reduce Iowa’s income tax burden and eliminate it completely by the end of her second term. As the 2024 presidential race heats up, Reynolds and DeSantis are presenting a united front, emphasizing their commitment to economic growth and prosperity.
