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Former Gubernatorial Candidate, Bob Vander Plaats, To Host IDT!'s Kevin McLaughlin At Sioux City Business-Leaders' Luncheon
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3/17/2004 - On Tuesday, March 30th, former Iowa gubernatorial candidate, Bob Vander Plaats, will host Kevin McLaughlin as the guest speaker at a luncheon of business leaders in northwest Iowa. Mr. Vander Plaats has expressed an interest in Discounted Tax Reform and signed IDT!'s tax reform petition. The luncheon is designed to introduce the innovative Dicounted Tax Reform idea, and to raise funds to pay for the next step in The Beacon Hill Institute's research.
The Beacon Hill Institute, (BHI), is the leading non-partisan modeller of tax reforms in the U.S., located in Boston. They recently issued their economic impact study, commissioned by IDT!, and found that Iowa could institute an OPTIONAL, discounted tax rate on EARNED income at 5.72% initially, and expect to see the creation of almost 14,000 new jobs in the first year of the reform.
Secondly, BHI's findings stated that the wages and salaries to be expected from the new jobs would approximate $463 million, in the first year, while generating nearly $100 million in new tax revenue for the state. These numbers sit in sharp contrast to those of the Iowa Values Fund, which has, to-date, expended $100 million to "create" 4,300 new jobs.
The next phase of Beacon Hill's research will be to produce a database with much greater detail about the benefits that Iowans can expect, and to be used as a guide by legislators in crafting a bill that will reward taxpayers and increase the state''s tax revenues.
The best news of all is that no one pays more in taxes than they do today, and that this reform is revenue neutral. If the new option at 5.72%, with all of your interest, dividends, pension, Social Security and capital gains being tax-free, does not put more money in your pocket, then you can file using all of your current deductions. Nothing is taken away from you.
In summary, the more money you keep, the more money the government will have. It works just like discounting in mass-merchandising: When Hy-Vee discounts your prices, you keep more of your money. But they attract more customers with their low prices, and they open more stores and higher more people as they grow. The same will be true for Iowa.
FREEDOM WORKS. BE AN IOWAN TODAY AND SUPPORT DISCOUNTING!
March 17, 2004
KM
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FLAT TAX BENEFITS