Dr. Laffer calls the Lonegan Plan the best medicine for state economy
NASHVILLE – Former economic advisor to President Ronald Reagan and “Father of Supply-Side Economics” Dr. Arthur Laffer today endorsed the Steve Lonegan Flat Tax plan for New Jersey.
"Steve Lonegan's economic plan is the best medicine for New Jersey's ailing state economy," Dr. Laffer said. "The Lonegan Flat Tax would replace New Jersey's stifling progressive income tax and its top rate of 9 percent with a simple, flat tax of 2.9 percent that would unshackle entrepreneurship and capital formation and give New Jersey residents a huge incentive to work, save, and invest. His plans to cut spending and repeal business taxes would also help turn New Jersey from an economic laggard into a leader among the states."
"The Lonegan Flat Tax plan would unleash the animal spirits of New Jersey's most productive citizens and create a wave of economic growth that will leave all New Jersey citizens better off," Laffer said. "I'm an income tax refugee myself, so I know the Lonegan Flat Tax plan will reverse the drain of New Jersey's best wealth producers leaving the state and once again make New Jersey a magnet for jobs, growth, and prosperity "
Steve Lonegan welcomed the endorsement, saying: "Dr. Laffer's support proves that the baseless attacks on my Flat Tax and overall economic plan are based on bad economics and bad politics. The first order of business for the next governor is to get the state's economy back on track and create a rising tide that will lift all boats. That's precisely what my plan will do and that's why I should be the next governor of New Jersey."