Ohio Governor John Kasich has introduced Blueprint for a New Ohio featuring $500 million in tax cuts. Governor Kasich believes correctly that income taxes negatively impact economic growth. Governors across America agree with Kasich and are taking action. It is time Americans forced the entrenched politicians in Washington to follow suit by junking the Federal Tax Code and moving to a simple 10/10/10 flat tax system.
Rex Sinquefield writes at Forbes:
The states aren’t waiting for the federal government to come to terms on tax reform. According to last Friday’s Wall Street Journalopinion piece by Stephen Moore, there are at least 20 governors who are moving forward with pro-growth tax reform initiatives this year.
Moore (who is chief economist at the Heritage Foundation and the co-author, along with Arthur Laffer, Travis H. Brown, and myself, of “An Inquiry into the Nature and Causes of the Wealth of States”) highlights several such initiatives, including those in Arkansas, Illinois, Maryland, Massachusetts, South Carolina, Illinois, Maine, Tennessee, Indiana, and Nebraska.
One of the most notable is Arizona’s newly elected Governor Doug Ducey, who is working toward the goal of completely eliminating the state income tax by pledging to reduce the tax each year he is in office and eliminating many of the state’s sales-tax exemptions.
This move should provide potency to Arizona’s economic growth trend. According to the Tax Foundation, currently Arizona’s personal income tax top rate of 4.54% is 12th-lowest in the country. As part of the 2011 Arizona Competitiveness Package, the state’s corporate income tax rate of 6.5 percent will drop to 6 percent this year, to 5.5 percent next year, and to 4.9 percent in 2017.
Read more from Rex here.