October 18, 2006

Pryce Highlights Lessons from Tax Foundation Report

Who knew? Emasculating Tax Policies Stifle Economic Growth, Job Creation

Columbus, Ohio– Today, Congresswoman Deborah Pryce (R-Columbus) responded to the release of the 2007 State Business Tax Climate Index, an annual report issued by the Tax Foundation, a non-profit, non-partisan policy think tank. In its analysis of state tax policies, the Foundation named Ohio as the 2nd most inhospitable tax environment in the nation.

“The Tax Foundation’s report is a sobering wakeup call over the importance of sound tax policy to economic growth and job creation,” said Pryce. “As economists, pundits, and candidates continue to brood over Ohio’s slower economic recovery relative to the rest of the nation, they need look no further than this analysis.”

“State leaders recognize this, are working to improve Ohio’s business climate, and should be encouraged in their efforts. However, policy leaders at all levels of government should heed carefully the lessons from the report– high and complex taxes punish businesses, drive them out, and force the American people to suffer the consequences of a floundering economy.”

“Unfortunately, many in Washington, and many more horse trading to get there, don’t get it. Using transparent euphemisms like ‘fairness’ and ‘responsibility,’ they aim to roll back the same tax cuts and incentives that have led to the creation of 6.6 million jobs in three years, 19 consecutive quarters of economic growth, and record levels of federal revenues deriving from the same tax cuts. The most significant hurdle facing our growing American economy is the zeal among some to tax it into submission.”

For a copy of the Tax Foundation’s 2007 State Business Tax Climate Index, please visit: http://www.taxfoundation.org/.