I join the growing number of Iowans concerned about the tax incentives offered to the Egyptian company Orascom to build a fertilizer plant in Iowa.
Dick Schwab, candidate for state representative from Iowa House District 73, would have a different approach to job creation than the Republicans’ plan, one based on starting his own small businesses.
Instead of $250 million in tax incentives to a foreign corporation to build a plant with 165 employees, Schwab’s approach would be to favor Iowans and Iowa companies in job creation.
He knows that one of the challenges to small business is capitalization of startup expense, and enabling growth. Tax incentives worth $250 million could do a lot for Iowa businesses.
For example, the Solon City Council recently approved a $125,000 forgivable loan to a local business to open a restaurant and microbrewery in town. This will create local jobs. The $250 million could be used for 2,000 such loans, creating thousands of permanent jobs. A better deal.
Schwab supports a strong economy with a reduction in commercial property taxes for every Iowa business, giving Iowans first crack at government contracts and buying Iowa-made products where cost-competitive. This approach would do more for the Iowa economy than providing tax incentives to foreign corporations.
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