Interesting, Iowa has the highest Corporate Tax Rate and 2nd Lowest Unemployment

[Quixote1818]

https://taxfoundation.org/state-corporate-income-tax-rates-brackets-2017/




https://www.statista.com/statistics/200017/state-unemployment-rate-in-the-us/

[liberal N proud]

1. Funny how that works

History proves it.

[Quixote1818]

2. I often wonder what will happen to Texas once the world turns to renewable energy

Texas likes to brag about their low taxes but they have gas and oil propping up their economy.

[TheFarseer]

3. I've always said this!

And then they act like they are so damn smart to have huge oil and gas deposits. As if their no income tax policy is why the oil industry thrives in Texas.

[eleny]

4. Who knew?!

We do.

[rurallib]

5. We got lots of loopholes in Iowa also for corporations

I can't go in depth on the state of our (Iowa's) taxes, but I do have a cursory understanding.
With various tax credits and research credits and other such folderol Iowa's REAL corporate rate is well below the NOMINAL rate of 12%.

Usually shortly after the first of the year we start getting the stories of Iowa corporations that not only don't pay taxes, they get huge checks from the state.
Companies like Rockwell Collins and John Deere rake it in. Here is one of many articles you can read on this subject:
http://www.iowafiscal.org/big-companies-erase-iowa-taxes-take-millions-in-state-checks/
This is a very reputable research company.

Here is another article on the same subject:
https://iowastartingline.com/2018/02/22/iowa-subsidizing-huge-state-companies-runaway-tax-credits/

I have had friends that were Democratic state legislators. They want to lower the NOMINAL corporate tax but take away the loopholes. Republicans make public pronouncements of lowering corporate taxes but won't even talk about cutting any loopholes.

I heard a story that Walmart has paid a nickel in taxes in Iowa for probably decades, but I am too lazy to look it up. Has to do with real estate finagling.

So - hmmmm - not everything on the internets is true.

As for that unemployment rate - our wages are low. We are one of the original non-union states. Young people flood out of Iowa like rats from a sinking ship. My kids scrambled out of here as quickly as they could after college. My SIL was offered a salary about half of what he was offered in another state.