For Immediate Release
July 18, 2013
Contact: Paul Layeux
Phoenix, AZ – Small business owners in Arizona welcomed a study conducted by economist Art Laffer and Donna Arduin that shows closing the online sales tax loophole has a myriad of benefits, including the potential to lower overall tax rates and jumpstart economic growth. Laffer’s study suggests that passing e-fairness legislation like the Marketplace Fairness Act would create a tax system with fewer loopholes, a larger base, and lower rates for all taxpayers, which could lead to an increase in GDP of $563.2 billion and over 1.5 million jobs over the next 10 years.
“As a small business owner, I think a level playing field is essential, but Dr. Laffer’s study makes it crystal clear that this is something that will create jobs in Arizona” said Sole Sports Running owner Lance Muzslay in Tempe. “It’s hard to argue with the possibility of adding over 13% to Arizona’s GDP while also helping Main Street businesses.”
The Marketplace Fairness Act received a bipartisan vote in the U.S. Senate on May 6, 2013, and similar legislation is already pending in the House of Representatives with over 60 bipartisan cosponsors.
Dr. Laffer’s findings support the efforts of a growing coalition of small business owners, governors and free market conservatives across the country who are urging the U.S. House of Representatives to act and to pass the Marketplace Fairness Act.
“The Laffer study shows we have a chance to not only correct the inequity of the current system, but also to boost economic growth by cutting taxes across the board” said Jim Mapstead of Accurate Signs & Engraving of Phoenix.
Click here to download a copy of the report.