National Business Group Urges Tax Cuts Now
The National Association of Manufacturers (NAM), the nation's oldest and largest broad-based industrial trade association, is urging Congress to consider accelerating the tax cuts that were made into law last year.
NAM President, Jerry Jasinowski, explained that the nation was on the brink of recession before the recent terrorist attacks, and cautioned that those attacks likely pushed the economy into a recession.
"Now millions of American businesses find themselves struggling to keep their doors open and their workers employed," said Mr. Jasinowski. "We urge the Bush administration and the Congress to act quickly on tax measures that will raise business and consumer income with modest impact on the overall federal budget."
In addition to speeding up the individual tax cuts that are currently scheduled to go into effect over the next 10 years, NAM is urging Congress to lower corporate income tax rates by five percentage points and repeal the alternative minimum tax for corporations.
Congress is considering a package of tax cuts and spending increases, including measures that would benefit individuals and companies.