A multi-industry letter, signed by 298 U.S. Chamber of Commerce affiliates, as well as national associations, has been sent to the members of the United States Congress and the President, urging immediate action to avoid further harm to the American economy.
With the impending year-end tax increases and spending cuts, known as the “fiscal cliff,” uncertainty in the economy has increased and has led to a fall in consumer spending and business investment. Economists have noted that inaction on these tax increases and spending cuts could have the potential to return the already unstable U.S. economy back into recession.
The letter encourages Congress and the President to take both short-term and long-term actions to address the economic issues by enacting the following legislation:
- 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;
- Find spending cuts to replace a sequestration never intended to go into effect;
- 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.
To read the entire letter, click here.