Business groups press Washington on sequester, taxes
Several hundred prominent trade groups sent a letter to President Barack Obama and members of Congress, urging them to keep taxes low, avoid the sequester, tackle tax reform in the next Congress and curb government spending.
Groups ranging from local chambers of commerce, to giants like the National Federation of Independent Business, Financial Services Forum and the U.S. Chamber of Commerce are urging Washington to “immediately enact legislation that averts America’s impending fiscal cliff.”
“Failure to address the automatic tax increases and spending cuts would reduce economic growth and could jeopardize economic recovery,” the letter, released Wednesday, read. “It is not responsible to wait until the end of the year to take action. The time to act is now.”
The group suggests two tracks: immediately extend current tax rates on income, investment income and estates; pass business-focused tax breaks; patch the Alternative Minimum Tax and replace the sequester.
And, in the long term, the groups urge D.C. to reform the nation’s tax code and “develop a long term plan to address America’s excessive spending, particularly entitlement spending.”
It’s only the most recent warning from the business community that Congress needs to act. It’s unlikely to spur real action — top Congressional leaders aren’t even talking about the mess of issues that come to a head at the end of the year.
Read more about: Barack Obama, Chamber Of Commerce, Taxes, Spending, Business
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