Chamber Pushes Broadest Tax Relief for All

Chamber Pushes Broadest Tax Relief for All — Tax Cuts Equal Jobs, Strong Economy

WASHINGTON, D.C. – The United States Chamber of Commerce today welcomed President George W. Bush to its headquarters, where he addressed a rally of the Tax Relief Coalition and called on Congress to pass his economic growth package.

"Tax cuts are the catalyst for job growth and economic security in the president's plan," said Thomas Donohue, Chamber President and CEO. "While Congress keeps talking and tinkering with the size of the tax package, our economy continues to sputter and unemployment continues to grow. It's past-time for Congress to enact the president's tax- cut plan to create jobs and strengthen our economy."

Recent economic reports show the economy has grown sluggishly and job growth has been nonexistent. The Chamber, a co-founder and member of the Tax Relief Coalition Management Committee, has repeatedly expressed support for key elements of President Bush's economic growth plan: moving up individual rate reductions already passed by Congress; accelerating depreciation; additional relief for low and moderate income individuals; and eliminating the double taxation of dividends.

Reducing taxes on dividends will raise stock prices, benefiting all investors, not just those who receive dividends, according to the Chamber. Surveys show about half of U.S. households owned stock in 2002 — many through 401(k)s, IRAs and pension plans. These 53 million households consist of more than 84 million individuals who will all profit from the elimination of dividend taxes.

"The Chamber is calling on Congress to work with the president to ensure economic vitality," Donohue said. "Putting more disposable income in the hands of consumers, while opening new windows of opportunity for businesses to invest, will have the greatest positive impact on the economy and job growth."

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.

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