SIOUX CITY -- Gov. Terry Branstad stopped in Sioux City this morning for a town hall meeting highlighting his adminstration's efforts to create new jobs in the state.
But many in the audience showed up concerned the Republican governor's tax policies would put them out of work.
More a dozen Argosy Casino Sioux
Argosy officials have warned Branstad's proposed casino tax hike would deal a body blow to their operations, costing the Sioux City riverboat $8.5 million in annual revenue, and triggering the layoff of 42 employees, or 12 percent of the total workforce.
"Most businesses can't handle a 63 percent increase in their tax burden..." Argosy's finance director Joelle Shearin, Argosy's finance, told the governor. "Why would you target an industry that has a $1 billion impact on the state's economy?"
Branstad said the state's casinos could afford to contribute an estimated $190 million in additional taxes to help fund his plan to cust the corporate taxes by 50 percent. Having the nation's highest corporate tax rate is an impediment to growing the state's economy, he said.
"I've seen the (gaming) industry grow and flouish and be very profitable. I think you would have to acknowlebge that," the governor told Shearin. "I want to be fair to the industry, but I also look at other tax burden businesses are paying, and I want to make that more attractive."
For more for Branstad's town hall forum, read the Journal online and
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