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Multi-Industry Letter regarding America's Impending Fiscal Cliff

Tuesday, September 11, 2012 - 8:00pm

Download the Fiscal Cliff chart (PDF)

To the President and Members of Congress:

The undersigned organizations call on Congress and the President to immediately enact legislation that averts America’s impending fiscal cliff. Failure to address the automatic tax increases and spending cuts would reduce economic growth and could jeopardize economic recovery. It is not responsible to wait until the end of the year to take action. The time to act is now. We urge you to be mindful of the absolute necessity of addressing the long-term fiscal imbalance through comprehensive tax reform and fundamental entitlement reform, but think it is imperative that action be taken now to avert a potential crisis.

Failure to act on the looming year-end tax increases would yield the largest tax increases in American history coupled with draconian, ill-designed, across-the-board discretionary spending cuts. Economists from across the political spectrum warn that such tax increases and spending cuts would have a devastating effect on a still sputtering U.S. economy, quite possibly returning it to recession.

The onset of harm to the economy will not wait until year-end. The very notion that the fiscal cliff exists has increased uncertainty, which has already begun to slow down consumer spending and hamper business investment. Businesses, large and small, cannot plan for the future and are delaying the hiring of more workers that will grow and strengthen the U.S. economy.

Thus, the undersigned organizations urge you to immediately:

  • Extend all of the 2001 and 2003 tax rates (including current marginal rates, dividend and capital gains rates, and estate tax relief) for all taxpayers;
  • Extend vital expired and expiring business tax provisions;
  • Provide alternative minimum tax (AMT) relief; and
  • Find spending cuts to replace a sequestration never intended to go into effect.

Short term action is not a substitute for long term fundamental fiscal reform. In addition to immediate action on the fiscal cliff, we also urge you to:

  • Firmly commit to tackling comprehensive tax reform in the next Congress; and
  • Agree to develop a long term plan to address America’s excessive spending, particularly entitlement spending.

The undersigned organizations recognize that these issues are daunting ones, that these times are difficult for many American families and businesses, and that America is entering the crucible of what may be one of the most heated elections in recent decades. But these factors cannot – and should not – serve as excuses for inaction, at least on an interim basis to avert a crisis. The threat of further harm to the American economy is real, and the American people and business community should not be forced to wait. We urge Congress and the President to act now.

Sincerely,

Aeronautical Repair Station Association
AIADA – American International Automobile Dealers Association
Air Conditioning Contractors of America
American Apparel & Footwear Association
American Bakers Association
American Beverage Association
American Concrete Pressure Pipe Association
American Council of Engineering Companies
American Farm Bureau Federation
American Financial Services Association
American Gas Association
American Insurance Association
American Iron and Steel Institute
American Land Title Association
American Road & Transportation Builders Association
American Staffing Association
American Trucking Associations
Arizona Chamber of Commerce and Industry
Arizona New Mexico Cable Communications Association
Arkansas State Chamber/Associated Industries of Arkansas
Ashland Area Chamber of Commerce (OH)
Asian American Hotel Owners Association (AAHOA)
Assisted Living Federation of America
Associated Builders & Contractors, Inc.
Associated Builders and Contractors Nevada Chapter
Associated Equipment Distributors
Associated General Contractors of America
Associated Oregon Industries
Associated Steel Erectors
Associated Steel Erectors of Chicago
Association for Corporate Growth
Association Forum of Chicagoland
Association of Washington Business
Aurora Regional Chamber of Commerce (IL)
Automotive Aftermarket Industry Association
Barrington Area Chamber of Commerce (IL)
Barrow County Chamber of Commerce (GA)
Baton Rouge Area Chamber (LA)
Bear River Valley Chamber of Commerce (UT)
Birmingham Business Alliance (AL)
Bismarck-Mandan Chamber of Commerce (ND)
Blount Partnership (TN)
Bossier Chamber of Commerce (LA)
Buckeye Valley Chamber (AZ)
Buffalo Niagara Partnership (NY)
Building Owners and Managers Association (BOMA) International
Burke County Chamber of Commerce (NC)
Burlington/West Burlington Area Chamber of Commerce (IA)
Business Council of Alabama
Business Roundtable
CA Construction Trucking Assoc.
Cabarrus Regional Chamber of Commerce (NC)
California Chamber of Commerce
Camden County Chamber of Commerce (GA)
Campbell County Chamber of Commerce (WY)
Carbon County Chamber of Commerce (UT)
Carlsbad Chamber of Commerce (CA)
Carroll County Chamber of Commerce (GA)
Carson City Chamber of Commerce (NV)
Carson Valley Chamber of Commerce (NV)
Catawba County Chamber of Commerce (NC)
Cedar City Area Chamber of Commerce (UT)
Central Florida Chapter – Associated Builders and Contractors, Inc.
Century City Chamber of Commerce (CA)
Chamber of Commerce of St. Joseph County (IN)
Chambers of Commerce Alliance of Ventura & Santa Barbara Counties (CA)
Champaign County Chamber of Commerce (IL)
Chapin Chamber of Commerce (SC)
Chattanooga Area Chamber of Commerce (TN)
Chicago Southland Chamber (IL)
Club Managers Association of America
Cobb Chamber of Commerce (GA)
Committee of 100 for Economic Development, Inc.
Construction Management Association of America
Consumer Bankers Association (CBA)
Crowley Chamber of Commerce (LA)
Crystal Lake Chamber of Commerce (IL)
CTIA-The Wireless Association
Dakota County Regional Chamber (MN)
Dallas Regional Chamber (TX)
Dayton Area Chamber of Commerce (OH)
DC Chamber of Commerce
Delaware State Chamber of Commerce
Denver Metro Chamber of Commerce (CO)
Dubuque Area Chamber of Commerce (IA)
East Parker County Chamber of Commerce (TX)
Eastern Contractors Association, Inc.
Eau Claire Area Chamber of Commerce (WI)
Edison Chamber of Commerce (NJ)
Edison Electric Institute
Electronics Representatives Association
Fairfax County Chamber of Commerce (VA)
Fairfield Suisun Chamber of Commerce (CA)
Financial Services Forum
Financial Services Institute, Inc.
Flagstaff Chamber of Commerce (AZ)
Florida Chamber of Commerce
Food Marketing Institute
Fort Worth Chamber of Commerce (TX)
Franklin-Southampton Area Chamber of Commerce (VA)
Fullerton Chamber of Commerce (CA)
Galesburg Area Chamber of Commerce (IL)
Gateway Regional Chamber of Commerce (NJ)
Georgia Chamber of Commerce
Gilbert Chamber of Commerce (AZ)
Granbury Chamber of Commerce (TX)
Grapevine Chamber of Commerce (TX)
Great Lakes Fabricators & Erectors Association (MI)
Greater Albuquerque Chamber of Commerce (NM)
Greater Bethesda-Chevy Chase Chamber of Commerce (MD)
Greater Boca Raton Chamber of Commerce (FL)
Greater Columbia Chamber of Commerce (SC)
Greater Durham Chamber of Commerce (NC)
Greater Fort Walton Beach Chamber of Commerce (FL)
Greater Fort Wayne Chamber of Commerce (IN)
Greater Irving-Las Colinas Chamber of Commerce (TX)
Greater Lafayette Chamber of Commerce (LA)
Greater Lehigh Valley Chamber of Commerce (PA)
Greater Memphis Chamber (TN)
Greater Muhlenberg Chamber of Commerce (KY)
Greater Omaha Chamber of Commerce (NE)
Greater Orange Area Chamber of Commerce (TX)
Greater Palm Bay Chamber of Commerce (FL)
Greater Phoenix Chamber of Commerce (AZ)
Greater Raleigh Chamber of Commerce (NC)
Greater Shreveport Chamber of Commerce (LA)
Greater Springfield Chamber of Commerce (VA)
Greater Summerville/Dorchester County Chamber of Commerce (SC)
Greater Talladega Area Chamber of Commerce (AL)
Greater Tampa Chamber of Commerce (FL)
Greater Wilmington Chamber of Commerce (NC)
Green Bay Area Chamber of Commerce (WI)
Green Valley Sahuarita Chamber of Commerce & Visitor Center (AZ)
Gwinnett Chamber of Commerce (GA)
Hanover Area Chamber of Commerce (PA)
Hanover Association of Businesses and Chamber of Commerce (VA)
Haysville Chamber of Commerce (KS)
Hilton Head Island – Bluffton Chamber of Commerce (SC)
Huntingdon County Business & Industry (PA)
Huntingdon County Chamber of Commerce (PA)
Indian River County Chamber of Commerce (MI)
Indiana Chamber of Commerce
Indio Chamber of Commerce (CA)
International Foodservice Distributors Association
International Franchise Association
Investment Company Institute
IWEA – Ironworker Employers Association of Western Pennsylvania
Jefferson County Chamber of Commerce (TN)
Jobbers Moving and Storage
Joliet Chamber of Commerce (IL)
Kansas Grain & Feed Association
Kentucky Chamber of Commerce
Kingman Area Chamber of Commerce (AZ)
Kingsport Area Chamber of Commerce (TN)
Knoxville Chamber (TN)
Lansing Regional Chamber of Commerce (MI)
Lewisville Area Chamber of Commerce (TX)
Long Beach Area Chamber of Commerce (CA)
Loudoun County Chamber of Commerce (VA)
Lynchburg Regional Chamber of Commerce (VA)
Manatee Chamber of Commerce (FL)
Manhattan Chamber of Commerce (NY)
Manufacturers Alliance for Productivity and Innovation
Marana Chamber of Commerce (AZ)
Maryland Chamber of Commerce
McLean County Chamber of Commerce (IL)
Melbourne Regional Chamber of East Central Florida
Mesa Chamber of Commerce (AZ)
Metals Service Center Institute
Michigan Chamber of Commerce
Middlesex County Regional Chamber of Commerce (NJ)
MindShare Strategies, Inc. (MN)
Minnesota Chamber of Commerce
Mobile Area Chamber of Commerce (AL)
Montana Chamber of Commerce
Monticello Chamber of Commerce & Industry (MN)
Moore County Chamber (NC)
Motor & Equipment Manufacturers Association
Myrtle Beach Area Chamber of Commerce (SC)
Naperville Area Chamber of Commerce (IL)
Nashville Area Chamber of Commerce (TN)
Natchitoches Area Chamber of Commerce (LA)
National Association of Chemical Distributors
National Association of Manufacturers
National Association of Mutual Insurance Companies (NAMIC)
National Association of Wholesaler-Distributors
National Beer Wholesalers Association
National Black Chamber of Commerce
National Electrical Contractors Association
National Electrical Manufacturers Association (NEMA)
National Federation of Independent Business
National Grocers Association
National Lime Association
National Multi Housing Council
National Parking Association
National Restaurant Association
National Retail Federation
National Roofing Contractors Association (NRCA)
Nebraska Chamber of Commerce & Industry
New Jersey State Chamber of Commerce
Newberry County Chamber of Commerce (SC)
North American Equipment Dealers Association
North Carolina Chamber
North Country Chamber of Commerce (NY)
North Dakota Chamber of Commerce
North Myrtle Beach Chamber of Commerce (SC)
North Platte Area Chamber & Development Corp. (NE)
North San Antonio Chamber of Commerce (TX)
Northern Kentucky Chamber of Commerce
Northern Rhode Island Chamber of Commerce
Northumberland County Chamber of Commerce (VA)
NPES – The Association for Suppliers of Printing, Publishing and Converting Technologies
NUCA, representing utility and excavation contractors
Ohio Chamber of Commerce
Ohio Society of Certified Public Accountants
Opelika Chamber of Commerce (AL)
Orange County Business Council (CA)
Orlando Regional Chamber (FL)
Oshkosh Chamber of Commerce (WI)
Outdoor Amusement Business Association, Inc.
Oxford-Lafayette County Chamber of Commerce (MS)
Oxnard Chamber of Commerce (CA)
PA Chamber of Business and Industry
Palm Desert Area Chamber of Commerce (CA)
Pasadena Chamber of Commerce (CA)
Pavement Coatings Technology Council (PCTC)
Pearland Chamber of Commerce (TX)
Pelican Chapter, Associated Builders and Contractors, Inc. (LA)
Peoria Area Chamber of Commerce (IL)
Petroleum Marketers Association of America
Portland Cement Association
Prince William Chamber of Commerce (VA)
Printing Industries of America
Redondo Beach Chamber of Commerce (CA)
Retail Industry Leaders Association
Rhode Island Chamber of Commerce Coalition
Rhode Island Chapter of ABC
River Heights Chamber of Commerce (MN)
Rochester Area Chamber of Commerce (MN)
Rochester Business Alliance (NY)
Rogers-Lowell Area Chamber of Commerce (AR)
Rowan County Chamber of Commerce (NC)
Ruston-Lincoln Chamber of Commerce (LA)
Salem Area Chamber of Commerce (OR)
Salisbury Area Chamber of Commerce (MD)
Salt Lake Chamber (UT)
San Angelo Chamber of Commerce (TX)
San Diego Regional Economic Development Corporation (CA)
Santa Clara Chamber of Commerce (CA)
Schuylkill Chamber of Commerce (PA)
Scottsdale Area Chamber of Commerce (AZ)
Sherman Chamber of Commerce (TX)
Sierra Vista Area Chamber of Commerce (AZ)
Silicon Valley Association of Health Underwriters
Simi Valley Chamber of Commerce (CA)
Small Business & Entrepreneurship Council
Snack Food Association
Society of American Florists
Somerset County Chamber of Commerce (PA)
South Baldwin Chamber of Commerce (AL)
South Bay Association of Chambers of Commerce (CA)
South Carolina Chamber of Commerce
South Shore Chamber of Commerce (MA)
Southern Crop Production Association
Southern Wayne County Regional Chamber (MI)
St. Cloud Area Chamber of Commerce (MN)
St. Tammany West Chamber of Commerce (LA)
Tallassee Chamber of Commerce (FL)
Tempe Chamber of Commerce (AZ)
The Aluminum Association
The Association of Union Constructors (TAUC)
The Business Council of New York State, Inc.
The Chamber of Commerce – Serving Middletown, Monroe and Trenton (OH)
The Chamber of Commerce of Southwest Indiana
The Chamber of Commerce serving Johnson City-Jonesborough-Washington County (TN)
The Chamber of Reno, Sparks, and Northern Nevada
The Committee of 100 for Economic Development, Inc. (LA)
The Council of Insurance Agents & Brokers
The Financial Services Roundtable
The Greater Jackson County Chamber of Commerce (AL)
The Greater Marysville Tulalip Chamber & VIC (WA)
The Kansas Chamber
The Longview Chamber of Commerce & CVB (TX)
The Nuclear Energy Institute
The Round Rock Chamber of Commerce & Economic Development Partnership (TX)
The West Chamber – Serving Jefferson County (CO)
Tucson Metro Chamber (AZ)
Tulsa Metro Chamber (OK)
Turfgrass Producers International
U.S. Chamber of Commerce
United Fresh Produce Association
United States Telecom Association
Virginia Chamber
Vista Chamber of Commerce (CA)
Warsaw/Kosciusko County Chamber of Commerce (IN)
Wilsonville Area Chamber of Commerce (OR)
Wisconsin Manufacturers & Commerce
Women Construction Owners & Executives, USA