Tennessee small business owners agree on E-Fairness as a pro-growth solution
KNOXVILLE – Small business owners in Tennessee welcomed a study conducted by economist Art Laffer and Donna Arduin that shows closing the online sales tax loophole has a myriad of benefits, including the potential to lower overall tax rates and jumpstart economic growth. Laffer’s study suggests that passing e-fairness legislation like the Marketplace Fairness Act would create a tax system with fewer loopholes, a larger base, and lower rates for all taxpayers, which could lead to an increase in GDP of $563.2 billion and over 1.5 million jobs over the next 10 years with 45,891 of those jobs expected to be within the state of Tennessee.
"Dr. Laffer has been viewed as a national expert for years," said Scott Schimmel, co-owner of Bliss and Bliss Home on Market Square and in West Knoxville. "His analysis of the Marketplace Fairness Act should leave no doubt among conservatives that it does not impose a tax increase, and in fact could be used to lower taxes."
The Marketplace Fairness Act received a bipartisan vote in the U.S. Senate on May 6, 2013, and similar legislation is already pending in the House of Representatives with over 60 bipartisan cosponsors, including Rep. Steve Cohen, Rep. Jim Cooper from this state. As well, the bill has the support of Sen. Lamar Alexander, Sen. Bob Corker, Governor Bill Haslam, Lt. Governor Ron Ramsey and House Speaker Beth Harwell.
Dr. Laffer’s findings support the efforts of a growing coalition of small business owners, governors and free market conservatives across the country who are urging the U.S. House of Representatives to act and to pass the Marketplace Fairness Act.
Published July 18, 2013