U.S. Chamber Urges Unified Effort to Lower Tax Code

Pittsburgh Speech Calls for Action to Support Businesses, Workers

WASHINGTON, D.C.–- As Congress begins debate this week on various crucial business tax measures, the U.S. Chamber of Commerce's Chief Operating Officer David Chavern highlighted the need for the business community to unify behind keeping individual taxes low, retooling the corporate tax structure, and considering the tax burden on society in a speech outside of Pittsburgh, PA today.

"We need to seriously examine the U.S. tax system and the burden it puts on workers, entrepreneurs, small business owners, and corporations," Chavern said in prepared remarks. "The Bush tax cuts were tremendously successful in spurring consumption. As a result, businesses invested, jobs were created, the economy soared, real wages grew, and tax receipts increased.

"Extending these cuts means stopping the alternative minimum tax dead in its tracks," he said. "The AMT is a ticking time bomb."

The AMT was created nearly 40 years ago as an add-on tax to catch about 150 high-income individuals who were legally able to avoid any tax liability. Congress is currently considering a one-year "patch" to keep the AMT from hitting an estimated 24 million taxpayers, protecting them from having to pay an average of $2,000 of AMT on top of what they already owe.

"Too often, industries are pitted against one another to protect sections of the tax code," Chavern said. "This kind of infighting is exactly how the tax-and-spend crowd wants it. The business community has to unite against an uneven tax system that picks winners and losers."

Chavern's speech is available at http://www.uschamber.com/press/speeches/2008/080922_chavern_stat.htm

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

www.uschamber.com

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