Republican candidate Zak Nunn has proposed federal tax cuts modeled on Iowa to combat inflation as Iowa faces economic problems such as soaring gasoline prices and stagnant wages.
Nunn met with small business owners Wednesday during his campaign against US Congressman Cindy Axne.
He criticized programs like President Joe Biden’s “Build Back Better” legislation. This was backed by opponent Aksne and included tax changes for businesses and high-income households. Instead, he said he wanted to bring Iowa’s economic policies, like this year’s income tax cut, to Washington.
“What’s been successful in Iowa can and should be a strategy for the rest of the country,” Nunn said. “This is something that Iowa can export and we are very excited about in Washington, D.C. What works here can be replicated in our national capital.”
Iowa approves personal and business tax cuts this year that are estimated to cut state revenue by about $2 billion (more than 20% of the state’s current General Fund spending) before the law is fully implemented Did. Nunn did not offer a specific plan to cut federal taxes.
The Axne campaign did not immediately respond to messages requesting a response.
Nunn, a Bondurant state senator, said the number one problem he heard when he knocked on his door was the economy.
“It’s not just the price of gas or the price of a gallon of milk, it’s overwhelmingly ‘How am I going to pay the rent next month?'” he told reporters.
US inflation hit a 40-year high in June, pushing up rent, gas and food costs, according to the Consumer Price Index. A study by the Iowa Small Towns Project found that rural households have been hit harder than urban residents.
Nunn said coping with the effects of inflation on Iowa families starts with supporting local businesses, both as an employer and as a member of the community. At his The Heartland Companies in Des Moines, he spoke with small business owners from the National Federation of Independent Businesses about their problems and what they hope to accomplish.
Several owners say their businesses are struggling because of supply chain delays. Lana Pol, who owns several small businesses, including Geetings, Inc. and trucking company He GI Warehouse Corp., said the price of semi-trucks had risen sharply, making it difficult for him to acquire new equipment. said he saw he would have to wait two years.
Pol said he was lucky to have employees who continued to work during the COVID-19 pandemic, putting him in a better position than many other business owners. Economic problems are hurting her business more than the pandemic, she said.
“It seems to be getting worse and worse,” Pol said. “We’re probably seeing more problems than he was two years ago when other companies were struggling.”
Nunn said the past three years have been a “constant test” for small businesses. The pandemic has destroyed many main street businesses and now supply he chain problems and inflation are causing further problems in various industries.
Nan said the pandemic was a national health crisis, but now the country is facing a policy-driven crisis. Issues such as labor shortages, government overspending and rising energy costs could be directly related to poor decision-making in Washington, he said.
Small business owners weren’t confined to economic issues during the discussion. Several people brought up issues such as school choice, law enforcement support, and immigration at the roundtable as issues they would like Congress to take action on.
At the start of the roundtable event, the National Federation of Independent Business (NFIB) endorsed Nunn. NFIB’s Iowa director Matt Everson said he expects Nunn to bring both his legislative experience and family history to work in Washington with small businesses.
“You come from a small business family, so you get what you need to generate a paycheck, like taxes and deregulation,” Everson said. “I look forward to taking you to Congress to fight for that.”
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