“One of the great debates of our time is about how much of your money should be spent by the State and how much you should keep to spend on your family. Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more it can do so only by borrowing your savings or by taxing you more. It is no good thinking that someone else will pay – that ‘someone else’ is you. There is no such thing as public money; there is only taxpayers’ money,” stated Prime Minister Margaret Thatcher.
Prime Minister Thatcher was nicknamed the “Iron Lady” for her leadership and strong convictions. Lady Thatcher never backed down from a political fight and during her entire political career was the leading opponent of socialism.
Ed Fulner, president emeritus of The Heritage Foundation and who recently passed away, reflected that “the best way to honor Lady Thatcher’s legacy is to join the fight for freedom – and be vocal about it. That’s something you can’t do from the middle of the road.”
Gov. Kim Reynolds is America’s “Margaret Thatcher.” As governor, she has not only defended the taxpayer, but opposed the progressive notion that government spending drives economic growth.
As a result of Reynolds’ leadership, Iowa’s tax code has undergone historic transformation. The most significant is the income tax, which has been reduced by almost 60%, going from a multi-rate progressive tax system to a 3.8% flat tax.
Reynolds has also made reforming government a priority. In reflecting Lady Thatcher’s philosophy, Reynolds stated that “like any large organization, government is marked by bureaucracy’s natural tendency to grow. If that growth isn’t constantly checked and rechanneled toward its core function, it quickly takes on a life of its own.”
This led to the legislature passing two major government reform measures, which were the first in nearly 40 years. “Layers of bureaucracy had accumulated over decades, expanding government beyond its core function… We were too big, too fractured, and too inefficient,” noted Reynolds.
In describing the impact of the reforms, Reynolds stated that “we consolidated agencies (from 37 to 16), eliminated 1,200 burdensome regulations, remade legacy systems, centralized programs, and leveraged technology.” These reforms, the governor noted, not only exceed projections, but have saved taxpayers at least $217 million in just the first 18 months.
The fiscal conservatism of Gov. Reynolds has resulted in Iowa having a strong fiscal foundation with multi-year budget surpluses, full reserve accounts, and a Taxpayer Relief Fund balance of $3.6 billion. Fitch Ratings just reaffirmed Iowa’s AAA credit rating for “the state’s historically well-managed budget and fiscal operations and low debt and net pension liability burdens.”
Reynolds has defended the freedoms and values that Iowans cherish. During COVID, she boldly kept the economy and schools open. As a result, Iowa’s economy emerged as one of the strongest. She has been on the front lines defending traditional values against “woke ideology,” she has stood firmly for the protection of life and defended the Second Amendment.
Against fierce opposition, even in her own political party, she stood with Iowa families who wanted greater parental choice in education. Families across Iowa now have more options in education through Education Savings Accounts, reduced barriers to open enrollment, and the expansion of charter schools.
Going into her final legislative session, Gov. Reynolds has stated that property tax reform will be a priority. This may be one of the greatest policy challenges, but the governor already knows the formula for reform: limit spending and reform government, which will result in lower tax rates. Keeping spending in check is the key to property tax reform.
In reflecting on the loss of Lady Thatcher, Fulner stated that “we lost more than a champion of freedom. We lost something that’s all too rare in any age; namely, a leader who knew what she believed in – and had the courage to say it.”
This also describes Gov. Reynolds, a conservative leader who knows what she believes and has the courage to defend her values and convictions.
