Chamber Lobbies Obama: Don’t Let The Bush Tax Cuts Expire
Business groups are gathering in Washington today to tell Obama they’re not happy with the current and proposed tax and regulatory landscape. The groups, which include the U.S. Chamber of Commerce, the Business Roundtable and the National Federation of Independent Businesses, will present a long list of concerns at a “Jobs for America Summit” at the Chamber’s offices this afternoon.
The list of grievances — which include the administration’s proposal for taxing companies’ foreign earnings, the financial regulatory reform bill, the lack of follow-through on free trade agreements and new health care regulations – appears quite similar to those contained within a report, ”Policy Burdens Inhibiting Economic Growth,” that was issued by the Business Roundtable last month. The main point of the hubbub seems to be to push back on a report, also released today, from the Obama administration’s Council of Economic Advisers that shows the stimulus has created jobs and kick-started the economy.
The Chamber will issue an open letter to the president, obtained by The Wall Street Journal this morning, asking him to cut taxes, expand export markets, and streamline government rules. The biggest push being made by the Chamber seems to be in lobbying Congress and the Obama administration to extend the Bush tax cuts on individual, estate and capital gains taxes. “In one bold, swift move, this would substantially boost investor, business, and consumer confidence,” the letter reads.
The Bush tax cuts, which predominately benefited those at the upper end of the income bracket, are set to expire at the end of the year. Obama has pledged to let the cuts for the upper tiers of income lapse, but both businesses and Republicans have been arguing that they should be extended.