Keeping Taxes Low on Hardworking Americans and Businesses
Keeping taxes down will help our economy avoid a recession. Keeping taxes down will allow America's overburdened taxpayers to keep more of their hard-earned money. Keeping taxes down will force Washington to trim the fat on wasteful spending.
Unfortunately, federal and state lawmakers and a number of presidential candidates are proposing substantial tax increases that would hit businesses of all sizes and Americans at all income levels. At the same time, economic competitors such as France and Germany are making plans to cut taxes.
A budget blueprint recently adopted by the congressional majority assumes the expiration in 2011 of current tax rates, which would result in a tax increase of more than $1 trillion. An additional tax package suggested by House Ways and Means Committee Chairman Charles Rangel (D-NY) would allow another $1 trillion in tax hikes. Many small businesses that pay their taxes according to individual rates could see their effective rate rise to more than 44%.
America has succeeded because, in our nation, we reward success and risk taking. Mindlessly expanding the tax burden would not only risk a recession but would fundamentally undermine America's commitment to free enterprise.
The Chamber will lead the fight against these drastic tax increases; work to renew the current rates on income, capital gains, and dividends; build support for reducing corporate tax rates; extend death tax relief; and permanently enact the R&E tax credit and other provisions that promote innovation, research, and America's global competitiveness.
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