Should Iowa Governor Terry Branstad Pay More Than $52 in State Income Tax?
Iowa Democratic State Senator proposed the "Branstad" rule today, which would effectively end a tax break that helped Iowa Governero Terry Branstad enjoy paying $52 in state income tax.
Dennnis Hog, a Democratic Iowa State Senator from Cedar Rapids, is taking a play from Barack Obama's playbook, suggesting in the Iowa Legislature that there should be a "Branstad Rule."
This comes after last week's disclosure of Iowa Governor Terry Branstad's income taxes, which revealed that, though he earned more than $190,000 last year, he only paid $52 in state income tax.
"Some people talk about nationally we need a Buffet rule, maybe in Iowa we need a Branstad rule," said Hogg, according to a story from the Des Moines Reigster.
The Buffet rule has been touted for months by president Obama in his effort to raise taxes on the wealthy that often receive various tax breaks.
Hogg said Branstad benefited from a tax break which should be discontinued. He additionally said the Iowa Governor's low tax rate is unfair when compared to an Iowan with a $30,000 to $40,000 income, who would likely will pay approximately $1,000 or more.
Branstad's officials say the amount of Iowa income taxes he paid represents an abnormality, and results from a dramatic loss of income from his time as president of Des Moines University and on various cooperate boards. That, combined with an Iowa income tax break which allows individuals to deduct federal income tax, is how the number got so low.
What do you think? Should Branstad be paying more in taxes, or do you think it's not that big of a deal?