The look of the in-game characters was recycled from the character designs from the Heroes of Newerth, a competitor MOBA game that Garena owns. They helped change the atmosphere of the game and the look of characters, to make the game feel more western than Chinese. Garena also helped in the development of Arena of Valor. “As we travel across the state, we hear the same thing from Iowans: they are tired of politics and endless tax breaks for corporations and the super-rich,” she said in a statement.Arena of Valor is the international adaptation of Honor of Kings, currently available for Android, iOS and Nintendo Switch. Timi Brown-Powers, D-Waterloo, the ranking member of the House Appropriations Committee, echoed those concerns. “Today’s revenue estimate is a warning for Governor Reynolds and statehouse Republicans: your special-interest spending spree isn’t sustainable and it leaves too many taxpayers behind.” “Iowa’s revenue growth cannot keep up with the costs of Governor Reynolds' corporate tax cuts and private-school voucher spending,” Senate Appropriations Committee Ranking Member Janet Petersen, D-Des Moines, said in a statement. Democrats warn of corporate tax cutsīut Democrats said the revenue drop represents tax cuts for corporations and top earners - without significant relief for low-income Iowans. "Thanks to Iowa House Republicans' responsible budgeting practices and tax policy, the State of Iowa is in a far better position to handle any economic downturns thanks to Bidenomics than states such as Illinois,” he said.īut, he cautioned, headwinds like inflation are still presenting challenges to Iowans, and he advocated for continuing to lower Iowans' tax burden. Gary Mohr, R-Bettendorf, who chairs the House Appropriations Committee, said the projections confirm that Iowa’s financial situation is healthy. “I expect more relief for taxpayers next session because the state still is taking too much of their money.” “The tax cuts passed in 2022 are not just sustainable, they are producing the economic growth predicted,” Senate Majority Leader Jack Whitver, R-Grimes, said in a statement. “Iowa’s revenue is growing, but instead of being taken by state government, that money will stay with taxpayers - where it belongs," Reynolds said in a statement. You will begin to receive our Daily On Iowa Politics updates. Reynolds and Republican leaders have promised to pass more tax cuts in the upcoming legislative session. Iowa Republicans have passed budgets significantly lower than revenue for years, and the state ended the last fiscal year with a $1.83 billion budget surplus. Kim Reynolds signed a major tax overhaul law in 2022 that set Iowa's individual income on the course to a flat tax of 3.9 percent for all income brackets, and intended to lower corporate taxes to 5.5 percent if revenues hit a certain target each year. Personal income tax revenues are expected to fall by nearly $300 million in fiscal 2024, and another $120 million in fiscal 2025. Planned cuts to individual and corporate state income taxes will drive the revenue downturn, according to the report. Meanwhile, the state's GDP grew 5.2 percent in the first quarter of 2023 and consumer spending is expected to keep sales tax receipts high, Paulsen said. However, those reductions are planned and being driven by the tax rate reductions for Iowa taxpayers,” said Kraig Paulsen, the director of the Iowa Department of Management and chair of the panel.īy fiscal 2025, revenue is expected to drop by another 1.8 percent, to $9.58 billion. “The state is showing a modest slowdown in revenue.
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