MARION, Iowa (KCRG) – It’s been a busy week at The Eat Shop in Marion as they prepare to officially open in February.
Cheryl Maloney, the owner, said she’s hired double the staff for this new location and big expansion — all with the help of Iowa’s new lower income tax.
“We were very excited for the lower rate,” Maloney said. “I believe any time people, our customers, have more money in their pockets, it’s better for small business.”
This month, Iowa’s income tax dropped to a flat 3.8%. Before, the top earners paid 5.7%.
Joe Murphy, president of the Iowa Business Council, said this lower rate can generate positive signs for Iowa’s economy.
“That insulates Iowa’s budget and it insulates services that Iowans depend on so that the tax cuts won’t occur unless Iowa’s in a strong financial position,” Murphy said.
But Maloney also said federal interest rates, increasing egg pricesand President Donald Trump’s possible tariffs on imports …