U.S. Chamber of Commerce Release Calling for Tax Cuts

[1] WASHINGTON, DC -- The U.S. Chamber of Commerce today urged the 105th Congress to enact a number of important business tax relief measures -- for companies large and small -- before its session adjourns in October.

[2] The Chamber's tax cut priorities were outlined in letters to the House and Senate leadership and members of the tax-writing committees, and ranged from small business concerns such as the repeal of estate and gift taxes and deductibility of self-employed health insurance costs, to extending the expiring research and experimentation and work opportunity tax credits.

[3] The nation's largest business group also called for:

o reducing or eliminating corporate capital gains taxes;

o repeal or simplification of the corporate and individual

o reform of "complex and burdensome" subchapter S provisions;

o relief from the "irrational web of esoteric foreign tax rules

[4] Further, the Chamber urged the Congress and its tax- writing committees to include pension simplification in tax legislation because "complex and arcane pension rules discourage small employers from sponsoring pension plans for their employees."

[5] Bruce Josten, executive vice president of government affairs, said, "From encouraging investments in research to stimulating small business expansion, these Chamber tax cut priorities are rocket fuel for American prosperity."

[6] He added, "Time is running out: Congress must act now to pass tax relief for business. With global economic uncertainty on the horizon, these measures are crucial components to growth and competitiveness."

[7] The U.S. Chamber is the world's largest business federation, representing more than three million businesses and organizations of every size, sector and region.