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Reports say tax cuts won’t spur economic development

by Charles N. Wheeler III

“Guess what?

State tax cuts don’t improve economic growth.

No, that’s not an April Fool’s Day zinger.

Rather, it’s the conclusion of a report issued last month by the Fiscal Policy Center at Voices for Illinois Children, a nonpartisan advocacy organization for the state’s youngsters (Poor Finances, Uncertainty about Looming Revenue Collapse Threaten State Economy).

‘Despite frequent assertions that reducing taxes will create jobs and improve economic growth, states around the country have found this not to be the case,’ wrote David Lloyd, senior policy analyst at the center.

‘If anything, a state economy is hurt by reducing support for schools, health care, transportation, public safety, and other building blocks of job creation and widespread prosperity,’ Lloyd argued.”

. . .

Read the full article online at Illinois Issues.

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