Business Leaders Call on President, Congress to Let Bush’s High-End Tax Cuts Expire

Do What’s Really Needed to Grow Jobs and Economy

Contact: Bob Keener, 617-610-6766, bobkeener@businessforsharedprosperity.org

Washington DC, November 11, 2010 - The CEOs of the U.S. Women's Chamber of Commerce and The South Carolina Small Business Chamber of Commerce joined with Business for Shared Prosperity and other business groups and small business owners around the country to urge President Obama and Congress to restore the top personal income tax rates to their pre-Bush levels. Instead of borrowing $700 billion for counterproductive tax cuts for the best off, they say invest tax revenue in growing jobs and rebuilding the failing infrastructure dragging down our economy.

U.S. Women’s Chamber of Commerce CEO Margot Dorfman said, “America is in the throes of the most consequential economic fight of a generation. All across our country, families are fighting for their jobs, their businesses, their homes, their children’s education and their retirements. With our way of life teetering in the balance, President Obama should be focusing like a laser on energizing consumer demand to fuel increased business revenues, job creation and saving our homes, not caving in to the reckless demands of those who want to keep America on the same failed path that lead to the greatest economic crisis since the Great Depression.”

South Carolina Small Business Chamber of Commerce CEO Frank Knapp Jr. said, “Whether Americans voted for Republicans or Democrats in the midterm election, one thing is clear: Voters were demanding that Congress focus intensively on job creation on Main Street - not lobbyists and campaign donors from big business and Wall Street. Politicians should not use small business to justify borrowing hundreds of billions from foreign countries to give big non-job producing tax cuts to the wealthiest 2 percent of Americans.”

“Expecting high-end tax cuts to trickle down as job creation is about as reasonable as pouring gasoline on your hood and expecting it to fuel your engine,” said Lew Prince, Managing Partner of Vintage Vinyl in St. Louis and a member of Business for Shared Prosperity. “I’ve been in business more than 30 years and my income tax rate doesn’t affect hiring. The cost of a new employee comes off my taxable income—like my other business expenses. That’s how tax policy helps me invest and grow. I’m happy to pay my fair share to maintain the infrastructure and services that my business and my employees depend on.”

(To arrange interviews with Ms. Dorfman, Mr. Knapp, Mr. Prince and small business owners around the country, contact Fitzgibbon Media or Bob Keener at Business for Shared Prosperity.)

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