As Iowans face economic hardships from higher gas prices to wage garnishment, Republican candidate Zach Nunn has proposed a federal tax cut designed in Iowa to combat inflation.
Nunn met with small traders on Wednesday.
Like President Joe Biden’s “Build Back Better” initiative, the opposition has criticized programs that have supported Ax, including tax changes for corporations and high-income families. Instead, he said he wants to bring Iowa’s economic policies to Washington, like this year’s income tax cuts.
“What we’ve done successfully in Iowa can and should be a playbook for the rest of the country,” Nunn said. “This is something Iowa can export that we should be very excited about in Washington, D.C. We can take what works here and replicate that in our nation’s capital.”
Iowa approved tax cuts for individuals and corporations this year, and fiscal projections project that state revenues will increase by nearly $2 billion — more than 20% of the state’s total spending — when the law takes full effect. Nunn has not proposed a specific plan to cut federal taxes.
Accen Campaign did not immediately respond to a message seeking a response.
Nunn, a state senator from Bondurant, said the number one issue he hears knocking on is the economy.
“It’s not just everything like fuel, gas prices, the price of a gallon of milk, but, “Hey, how can I afford my rent next month?” He told reporters.
U.S. inflation hit a 40-year high in June, according to the Consumer Price Index, as rents, gas and food costs rose. A study by the Iowa Small Towns Project found that rural households are more vulnerable than urban residents.
Addressing the impact of inflation on Iowa families starts with helping local businesses as employers and community members. He sat down with small business owners affiliated with the National Federation of Independent Businesses at Heartland Companies in Des Moines to hear what their problems are and what they want done.
Several owners said their businesses were struggling due to supply chain delays. Lana Paul, who owns several small businesses, including the trucking business Gethings, Inc. and GI Warehouse Corp., said she’s seen the cost of semi-trucks increase dramatically when she has to wait two years to get the new equipment.
Paul said she is fortunate to have employees who will continue to work throughout the COVID-19 pandemic, putting her in a better position than other business owners. She said the current economic issues are hurting her business more than the pandemic.
“It just seems to be getting worse and worse,” Paul said. “When you think about other companies struggling, we’re seeing more issues now than we did two years ago.”
Nunn said the past three years have been “constant hits” for small businesses. The pandemic has decimated many high street businesses, and now supply chain issues and rising prices are wreaking havoc across a range of industries.
The epidemic was a national health crisis, Nunn said, but now the country is facing policy-driven crises. Problems like staff shortages, government overspending and overspending can be directly linked to bad decision-making in Washington, he said.
During the discussion, small business owners did not limit themselves only to economic issues. During the roundtable discussion, several people raised issues they want Congress to work on, such as school choice, supporting law enforcement and immigration.
At the start of the roundtable, the National Federation of Free Trade Associations (NIB) supported Nunn. Matt Everson, Iowa State NIB Director, said he hopes to see Nunn bring both his legislative experience and family history to work with small businesses in Washington.
“They come from a small business family, so they get it, so they get what it takes to generate paychecks: tax and control,” says Everson. “I look forward to getting her into Congress to fight for that.”
