More bad news for tax raising Republicans

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By John Biver
 
We suspect
Illinois General Assembly members who are Republicans on the ballot but
Democrats in their heart will not greet the latest report from the
Chicago-based Heartland Institute with happiness and joy.
 
According
to the materials presented by Heartland, Gross Receipts Taxes do not
provide a reliable source of state revenue, they dramatically increase
the cost of consumer goods, economic growth and job creation are
negatively impacted by them, and new and/or small businesses are hurt
the most.
 
Below is their
announcement. Note more bad news: their “Research and Commentary”
package is 72 pages.  In other words, the argument against imposing a
Gross Receipts Tax is substantial.
 
 
From the desk of
Trevor R. Martin
Director – Government Relations


Research & Commentary: Gross Receipts Taxes
 
Today, The Heartland Institute is releasing a Research & Commentary package addressing gross receipts taxes.
 
A gross
receipts tax imposes a levy on all business transactions, regardless of
a firm’s profits or losses. In an economy increasingly shifting away
from manufacturing and industrial goods in favor of services,
supporters of the gross receipts tax maintain it is an efficient,
reliable, and broad-based way to derive revenue from businesses.
 
But articles and studies in this Research & Commentary package tell a different story:
 
  • Gross receipts taxes do not provide a reliable source of state revenue;
  • Gross receipts taxes dramatically increase the cost of consumer goods;
  • Economic growth and job creation are negatively impacted by such a formula; and
  • New and/or small businesses are hurt the most.
 
I encourage you to review the collected materials in this Research & Commentary. You can download the full document by clicking here.
 
Please contact
me if you would like further information, or if I can assist you with
expert commentary, testimony, or media matters. I can be reached at
312/377-4000, or by email to
tmartin@heartland.org.
 
19 South LaSalle Street #903 * Chicago, IL 60603
312/377-4000 phone * 312/377-5000 fax * www.heartland.org
 

 

 

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