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Beacon Hill Institute Study Released
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3/18/2004 - The Beacon Hill Institute, (BHI), released its economic impact study on IDT!''s proposed Discounted Tax Reform for the State of Iowa the first week in March. We invite you to click on the link to view the entire work, but the ultimate message is clear:
Iowa has spent approximately $100 million, so far, through its Values Fund to "create" 4,300 new jobs. According to BHI''s research, the discounted OPTION at an initial rate of 5.72% on EARNED income, with interest, dividends, pension income, Social Security and capital gains being tax-free for individual and business filers, would create almost 14,000 new jobs with wages and salaries estimated at $463 million, while generating, simultaneously, nearly $100 million in new tax revenues for the state. And that''s just in the first year. The most compelling part of their study emphasizes two key points: The growth in jobs and tax revenues is achieved without increasing anyone''s taxes, (individual, or business), and this reform is revenue neutral. In other words, Iowa will not run a deficit.
In summary, Beacon Hill''s forecasts stand in stark contrast to the Values Fund approach, which the state has already adopted at great and increasing expense. Iowans for Discounted Taxes! urges Iowans and your legislators to recognize that when taxpayers keep more of their money, the government''s tax revenues rise too. Iowa needs a solution that works for everyone involved and that means discounting your taxes.
To download the complete copy of the report, click the link below:
Beacon Hill Report
BE AN IOWAN TODAY. SUPPORT DISCOUNTING!
Kevin McLaughlin, President
Iowans for Discounted Taxes!
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FLAT TAX BENEFITS