{"product_id":"2940015698510","title":"A New Tax Plan for a New Economy: How Eliminating the Income Tax Can Create Jobs","description":"Policymakers in states across the country are searching for solutions to unemployment and a faltering economy.\u003cbr\u003eThe answers, though, are simple and within reach. Legislators looking for a bold economic growth strategy should\u003cbr\u003eseriously consider the benefits of unshackling state economies from the income tax—a tax that penalizes workers,\u003cbr\u003ecreates double taxation, and inhibits investment. A new tax structure can be revenue neutral while spurring economic\u003cbr\u003egrowth. This combination is possible because the type of taxes a state imposes matter. By taxing wages, income taxes\u003cbr\u003epenalize work and dissuade investment and job growth. By contrast, a system of sales taxes encourages work and\u003cbr\u003einvestment, eliminates tax loopholes, and reduces politicization of the tax code. Those changes help to spur economic\u003cbr\u003egrowth and job creation. Properly implemented, this strategy should accomplish the following:\u003cbr\u003e\u003cbr\u003e·· Eliminate personal and corporate income taxes by broadening the sales tax base to include all final goods and\u003cbr\u003eservices.\u003cbr\u003e\u003cbr\u003e·· Set the top state sales tax between 4.6 percent and 5.6 percent. Allow local governments to levy sales tax rates\u003cbr\u003eonly on the state base.\u003cbr\u003e\u003cbr\u003e·· Enact a constitutional amendment forbidding state and local government from reinstating an income tax in\u003cbr\u003ethe future.\u003cbr\u003e\u003cbr\u003eArizona policymakers should set their sights on big ideas that move the state into a new era of economic growth.\u003cbr\u003eOnly by moving Arizona away from penalizing income and investment through the tax code can policymakers hope\u003cbr\u003eto bring Arizona into that new era. Eliminating income taxes as we know them is arguably the only policy proposal\u003cbr\u003ebold enough to dramatically boost new economic growth and drive widespread job creation. Revenue-neutral tax\u003cbr\u003ereform that eliminates the income tax could add one percentage point to the baseline private sector employment\u003cbr\u003egrowth rate—an increase that amounts to more than 20,000 new jobs in the first year. The faster policymakers can\u003cbr\u003efundamentally reform the state’s tax system, the quicker we will reap the economic benefits.","brand":"Goldwater Institute","offers":[{"title":"Default Title","offer_id":47153048453360,"sku":"2940015698510","price":0.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/2940015698510_p0.jpg?v=1763623358","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/2940015698510","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}