U.S. Chamber Supports Tax Cuts in House Bill

WASHINGTON, D.C. - The United States Chamber of Commerce reaffirmed its support for tax cuts as one of the best options to stimulate the economy and spur job growth.

"There aren't many prescriptions left in the medicine bag to heal our economy," said Thomas Donohue, President and CEO of the U.S. Chamber of Commerce. "A tax cut that helps spur investment by businesses is one of the smartest ways to achieve long-term growth in the U.S. economy and job market."

Recent economic reports have shown that the economy is growing well below its full potential. Congress must act on new measures to ensure continued economic vitality, according to the Chamber. 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.

The Chamber has continually expressed support for President Bush's economic growth plan including: accelerating individual income tax rate reductions already passed by Congress; increasing small business expensing; and eliminating the double taxation of dividends.

Eliminating the double taxation of dividends will leave more money in the hands of investors, raise stock prices, and lower the cost of capital - needed reforms that will boost consumption, encourage investment and create jobs, according to the Chamber.

"The President was clear that we must continue to focus on strengthening our economy and creating jobs," said Donohue. "We call on the Senate to take the necessary steps now to protect our economic interests in the future and quickly adopt a much-needed tax relief and pro-growth bill."

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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