Three famous economists – Arthur B. Laffer, Ph.D., Stephen Moore, and Erwin J. Antoni, Ph.D – present their new paper for The Heartland Institute titled “Will the Last Taxpayer in Illinois Please Turn Out the Lights: An Economic Assessment of the Illinois ‘Fair Tax’.” The report:
The economists’ research says passage of the so-called “Fair Tax” ballot initiative, which voters will decide on November 3, would:
hit small businesses with annual profits as low as $250,000;
slow job growth by an estimated 566,000 over the next decade, effectively eliminating about one in 10 current jobs;
result in 1.4 million people leaving Illinois for better economic opportunities, setting outmigration from Illinois at about nine times faster than the current alarming rate;
reduce the state’s GDP by $20.5 billion over the next decade;
reduce home value appreciation by about 10.4 percent over the next decade;
make Illinois one of the five highest tax jurisdictions in the world, with only New Jersey and some Third World nations having a higher tax on corporations.