Business and Investors Applaud House Majority In Rejecting Irresponsible Tax Deal

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

Washington, D.C., Dec. 9, 2010 - Business and investor organizations applauded the House Democratic Caucus vote today to reject the tax deal negotiated by the White House and called on Congress to push for a better deal that doesn’t give irresponsible tax cuts to the wealthy. In doing so, Patriotic Millionaires for Fiscal Strength, Business for Shared Prosperity and Wealth for the Common Good contrast with U.S. Chamber of Commerce leaders and conservative lobby groups that have endorsed the deal.

“If the members of Patriotic Millionaires negotiated in business as poorly as Obama negotiated this deal with Republicans, they wouldn’t be millionaires,” said Erica Payne, spokesperson for Patriotic Millionaires for Fiscal Strength.

American Made Alliance President Wendy Rosen said, “It's time to put an end to trickle down economic theory. Just ask any of the 25,000 small business members of the American Made Alliance. We believe in what we know from experience really works – a bubble up economy. Not more tax cuts for the wealthy going to Wall Street and into those job-killing speculative investments that got us into this mess.”

“The South Carolina Small Business Chamber of Commerce believes that the tax cuts for the top two tax brackets should be allowed to end this year on schedule,” said Chamber president and CEO Frank Knapp Jr, a member of Business for Shared Prosperity. “We support this as a good business decision, not a political decision. Our infrastructure is failing. We need urgent cost-effective job creation. We cannot afford to borrow billions more to give tax cuts to the richest 2 percent who have shown they are not going to invest the money into creating jobs. To argue otherwise demonstrates a lack of knowledge both about small business owners and how business decisions are made.”

“As a small businessperson, I know that tax cuts to rich people are a very inefficient way to stimulate demand for my company's services,” said Jeff Hayes, DC-based member of Wealth for the Common Good. “I would much rather see direct government investment through infrastructure rebuilding and other programs, which would directly increase demand throughout the economy and make it possible for me to increase hiring of new employees."

Mr. Knapp, Ms. Rosen and other leaders of small business organizations representing hundreds of thousands of members and hundreds of individual small business owners from a diversity of businesses and states have signed a Business for Shared Prosperity petition asking Congress to let the high-end tax cuts expire and invest in real job creation and 21st century infrastructure instead.

Wealth for the Common Good and the Patriotic Millionaires for Fiscal Strength have over 100 public signers with annual incomes of over $1 million and 500+ public signers with household incomes over $250,000 who want to see tax cuts for the wealthy expire as scheduled on December 31, 2010. They include a dozen Google execs, the CEO of Men’s Warehouse, Chairman Emeritus of the NY Mercantile Exchange, a Blackrock MD, multiple Silicon Valley entrepreneurs, the co-founder of Ben & Jerry’s, the founder of Ask.com, the founder of the Princeton Review and many others.

Wealth for the Common Good is a network of business and civic leaders, wealthy individuals and partners, promoting fair and adequate taxation to support public investment in a healthy economy.

Patriotic Millionaires for Fiscal Strength is a campaign of The Agenda Project, a New York based public policy institute.

Business for Shared Prosperity is a network of forward-thinking business owners, executives and investors.

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