Encouraged by Tax Stimulus Measures

by Bruce Josten

As we have stated from the beginning, the U.S. Chamber will support any measure that will speed economic recovery and put people back to work. The tax relief measures reportedly under consideration by the incoming administration and senior lawmakers as part of a stimulus package fits that criteria. The tax cuts are large enough to make a difference and will benefit individuals and businesses, both of which are hurting. Significant tax relief will spur consumer spending, business investment, and help jumpstart the economy.

While the devil is always in the details, we are encouraged by this latest development. We urge Congress and President-elect Obama to consider including other tax-related measures in the stimulus package, including an investment tax credit for home purchases, repatriation of foreign earnings to help companies refinance debt, and a temporary suspension of income tax on cancellation of debt.

Comments

[cjhaynes]

Are you kidding? Why don't we address the fundamental problem: the entire tax code! We would accomplish an economic stimulus with the Fair Tax, capture lost revenue, grow new jobs, recapture dollars off-shore and let America regain its' economic dominance in a global market. Why are we always "fixing" something that is broken? Americans need to take back the economy for the long-term survival of the country. Where is the US Chamber of Commerce? The FairTax would support ALL businesses; large and small. We need advocates to grow the economy not help the government continue to place this country in economic peril at the cost of the American people.