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Maggart Bags Laffer Endorsement

Press release from Rep. Debra Maggart, R-Hendersonville; July 26, 2012: 

HENDERSONVILLE, Tenn.–With election day fast approaching in Sumner County, Representative Debra Maggart (R–Hendersonville), the conservative candidate for Tennessee House of Represenatives, was pleased to receive the endorsement of a leading figure in the conservative movement.

Dr. Art Laffer, the father of supply-side economics and founder and chairman of Laffer Associates, threw his support behind Maggart in her race for the 45th House District.

“I support proven fighters for pro-growth economic policies in Tennessee. While Washington continually eschews its fiscal responsibilities for our nation, Tennessee has become a model for how government should conduct itself, stated Laffer. “In the last two years, we have witnessed the elimination of the death tax, the repeal of the gift tax, and a commitment to forever ban a state income tax. Coupled with Tennessee’s right to work status, these moves are helping make Tennessee one of the nation’s premier locations for new jobs and have driven the unemployment rate below the national average.”

He continued, “Tennesseans owe a debt of gratitude to Debra Maggart for these victories. Under her leadership as House Republican Caucus Chairman, the General Assembly has advanced the cause of economic freedom to lengths unseen in the modern era. Representative Maggart is a proven fighter for principle–our principles. That is why I give her my full endorsement in the 45th House District. With so much uncertainty coming from Washington, now is the time to re-elect those leaders who have helped reform Tennessee for the better. Debra Maggart is certainly one of those leaders.”

Maggart said, “It is an honor to have the support of such a luminary in economics for my campaign. In my time as a legislator, we have cut taxes, kept our budget balanced, and have seen our economy improve. This is the recipe for success that is at the heart of Dr. Laffer’s beliefs. Sumner County voters have

Dr. Laffer currently lives in Nashville, Tennessee where he is the founder and chairman of Laffer Associates, an institutional economic research and consulting firm, as well as Laffer Investments, an institutional investment management firm utilizing diverse investment strategies. The firms provide research and investment management services to a diverse group of clients, which includes institutions, pension funds, corporations, endowments, foundations, individuals and others.

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Laffer to Speak at Sumner County Commission

Press release from the Tennessee House Republican Caucus; July 16, 2012:

NASHVILLE, Tenn.—He helped President Ronald Reagan implement supply-side economic policies. In the last session of the General Assembly, he helped shape policies from the House Republican Caucus to cut taxes in Tennessee. Tonight, he will be in Sumner County.

Dr. Art Laffer, the father of supply-side economics and founder and chairman of Laffer Associates, tonight will be at the Sumner County Commission meeting at 5:30pm to discuss the benefits of the elimination of Tennessee’s death tax.

Representative Debra Maggart (R—Hendersonville), who serves as Chairwoman of the House Republican Caucus, worked with Dr. Laffer to appear before the entire Caucus at a retreat last summer and played an important role in making sure Laffer’s ideas were implemented this session.

“Dr. Laffer is recognized as one of the foremost minds when it comes to sound economic policy,” stated Maggart. “We are fortunate to have him as a resource in Tennessee and I am incredibly grateful he is appearing before the Sumner County Commission to discuss some of the great economic reforms we passed in this General Assembly. Ultimately, because of common sense reforms like the ones Dr. Laffer advocates for, Tennessee is going to be in better shape when it comes to job creation and business development.”

Dr. Laffer currently lives in Nashville where he is the founder and chairman of Laffer Associates, an institutional economic research and consulting firm, as well as Laffer Investments, an institutional investment management firm utilizing diverse investment strategies. The firms provide research and investment management services to a diverse group of clients, which includes institutions, pension funds, corporations, endowments, foundations, individuals and others.

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TFT, TCA Urge Lawmakers to Consider Revising Entire TN Tax Structure

Statement from Tennesseans for Fair Taxation and Tennessee Citizen Action; April 15, 2012:

Nashville, TN (April 15, 2012) — Today, Arthur Laffer appeared before the Tennessee General Assembly Joint Fiscal Review Committee to testify about the “Economic Consequences of Tennessee’s Estate Tax.”

Tennesseans for Fair Taxation and Tennessee Citizen Action urge the state legislature to refuse to be bogged down by arguments for or against the estate tax (which affects less than 1000 Tennesseans) and instead consider revising the entire tax structure of the state, including corporate tax law and corporate tax loopholes, luxury tax rates, out-of-state sales tax collection, state incentives to corporations, the lack of claw back provisions in corporate incentive contracts, etc..

“Tomorrow is tax day for millions of Tennesseans and as our state legislators continue to weigh in on the repeal of the estate tax, we urge them to consider the entire tax structure of the state,” said Bill Howell, executive director of Tennesseans for Fair Taxation, “What would benefit the hardworking people of the state would be a fair tax structure that creates a fair economy that equally benefits all Tennesseans. A successful economy is a an economy where every Tennessean has a good job, can afford to send their kids to college, support their family and retire with security.”

Despite Mr. Laffer’s assertions to the contrary, the estate tax (9.25% on amounts over $440,000 after an exemption of $1 million) is not the reason why we have high unemployment and low growth. In fact, Tennessee already has the low overall tax burden which he and state legislators say is the perfect corporation-friendly climate needed for job and state growth: no income tax, a very low corporate tax rate, low property tax rates, the ability for employers to fire workers without cause, a lax regulatory system, the lowest minimum wage allowed by law, and low workers’ compensation costs. And yet, compared to an average of 58.5 percent among all states without income taxes, Tennessee’s gross state product has grown by just 38.6 percent in the last decade. In addition, we are consistently ranked lowest among the states in measurements of health, well-being, and quality of life.

“What’s clear is that after all these years of passing tax policy that caters to corporate interests we still have many problems. How can anyone think that repealing the estate tax – Mr. Laffer said himself that the estate tax affects a “narrow sliver” of people – will change things?” said Mary Mancini, executive director of Tennessee Citizen Action, “We’ve tried crafting tax policy that prioritizes large corporations over middle-class and working families and local businesses and it’s clearly not working. We need a high quality revenue system that treats Tennesseans equitably.”

The last time the Tennessee had a comprehensive study of the state and local tax structure that the General Assembly accepted was in 1985 when a Special Joint Legislative Task Force on State and Local Tax Structure issued their final report.

www.tnca.org

www.fairtaxation.org

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Reagan Economic Advisor Endorses Haslam

Press Release from Bill Haslam for Governor Campaign

The Nashvillian is the “Father of Supply-Side Economics” and Originator of “The Laffer Curve”

NASHVILLE – Dr. Arthur Laffer, the esteemed former economic advisor to the late Pres. Ronald Reagan, endorsed Republican gubernatorial candidate and Knoxville Mayor Bill Haslam in his bid for the Republican nomination for Tennessee governor.

Known as the “Father of Supply-Side Economics,” Dr. Laffer was a member of late Pres. Reagan’s Economic Policy Advisory Board from 1981-1989 and was the chief economist at the Office of Management and Budget from 1970-1972. Laffer developed the Laffer Curve, which illustrates that increasing tax rates beyond a point will actually decrease tax revenues.

Laffer endorsed Haslam because of his fiscal record as mayor and his commitment to free market and conservative fiscal management principles.

“Bill Haslam has done a superb job as Mayor of Knoxville,” Laffer said. “I expect nothing less of him as governor.”

Laffer’s endorsement is the latest indication that Haslam has the momentum less than a month out from early voting, which begins July 16. Two recent polls showed Haslam as the strongest Republican in the GOP field, and his campaign recently announced that Mayor Haslam had surpassed $8 million in total funds raised from a record number of contributions.

“The policies Bill Haslam espouses are very much in line with President Reagan’s economic policies,” Laffer added. “Pro-growth economics are just what we need to keep our state prosperous.”

“There isn’t a man on the planet that knows more or has more experience with how our economy works than Dr. Laffer, and I’m honored to have his endorsement,” Haslam said. “I truly believe that the private sector is the best place for our economy to thrive, and I’ve worked hard in Knoxville to create an environment that’s attractive to businesses small and large.”

“Tennessee faces huge challenges, but with the right leadership we can take advantage of the unique opportunities here – no income tax, right to work state, great quality of life – to attract the necessary business to grow our way out of this situation. With my Jobs4TN plan, I set out specific proposals to strengthen Tennessee’s economy just like I have Knoxville’s,” Haslam said.

Mayor Haslam is the two-term Republican Mayor of Knoxville, reelected in 2007 with 87 percent of the vote. A hardworking, conservative public servant, Haslam led Knoxville to become one of the top ten metropolitan areas for business and expansion, while reducing the city’s debt, tripling the rainy day fund, reducing the number of city employees to the lowest amount in 15 years and bringing property taxes to the lowest rate in 50 years. An executive leader with a proven record of success, he helped grow his family’s small business from 800 employees into one of Tennessee’s largest companies with 14,000 employees. For more information on Bill Haslam, please visit www.BillHaslam.com.