The inaugural Iowa Policy and Economic Forum at the Iowa Bankers Association Management Conference featured a panel discussion among state political leaders on tax reform, agricultural, and other issues.
Sen. Randy Feenstra (R-IA), chair of the Iowa Senate Ways and Means Committee, discussed the need to create a framework for tax reform. He favors tax equity, including lowering the franchise tax rate for banks. He said it will be difficult, however, to convince the legislature to raise taxes for credit unions.
Feenstra expressed optimism that a tax plan would be created this legislative session.
“I do think we will come out with a plan,” Feenstra said. “It will be a very comprehensive plan.”
The panel also discussed the potential impact of Trump administration policies on certain agricultural-related issues in Iowa. Panelist Steve Bruere, president of Peoples Company, a real estate firm, said there are three drivers he would consider “black swan” events: ethanol, trade and interest rates.
“Our concern would be – given the grand agenda within the administration – ethanol seems like something that could be thrown into a negotiation, and obviously, that would be devastating for agriculture,” Bruere said.
Ohio State University economist Matt Roberts also spoke at the forum, discussing the makeup of President Trump’s cabinet and how the administration’s policies could impact the local economy.