Chamber Hails First Overall Tax Cut in 20 Years

WASHINGTON, D.C. – The United States Chamber of Commerce hailed the first across-the-board tax cuts in a generation, as the House and Senate approved a conference agreement that will help stimulate the currently sluggish economy.

"This bill gets more money to where it will do the economy the most good – into the hands of consumers," said Bruce Josten, Chamber executive vice president. "Getting the biggest possible bang from a tax cut – as quickly as possible – will help recharge our economy."

The Chamber lobbied for the largest possible across-the-board rate reduction, full repeal of the death tax, and pension reform that allows workers to save more of their earnings, all of which were in the final bill which now goes to President Bush for his signature.

"Across-the-board rate reduction helps individuals and many small businesses that file as individuals," Josten said. "Moving money into the hands of consumers, and away from increased government spending, is always a top business priority."

A permanent extension of the R&E tax credit, some business deductions, and other initiatives were not included in the final conference bill. The Chamber will continue to push for responsible tax reform and relief that will encourage economic growth.

"While we did not win every battle, we ultimately won the war – more than a trillion dollars will remain with businesses and consumers to drive economic growth," said Josten.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

# # #

01-97