U.S. Chamber Comments on White House Tax Proposals
U.S Chamber Executive Vice President for Government Affairs, R. Bruce Josten, issued the following statement today on the White House tax proposals:
“The best way to get this economy growing fast enough to create jobs and drive the unemployment rate down is to ensure that taxes do not increase for consumers and businesses. Leaving income in the hands of consumers is the best way to encourage spending and leaving income in the hands of businesses both large and small is the best way to spur investment and job creation.
“While the President’s proposal on expensing and the R&E credit have merit, they are aimed at parts of the economy that are already performing and the net impact in the current environment is questionable. Moreover, paying for these cuts by increasing taxes on other sectors is likely to severely mitigate any short run beneficial effects. Robbing Peter to pay Paul is not pro-growth tax policy.
“If the administration is looking to address tax issues that could help drive economic recovery, there are plenty already on the table: The pending tax increases, the AMT, and the dozens of other extender provisions that have expired in addition to the R&E tax credit.”
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
# # #