NAM Advocates Tax Cuts
Staff -- Gifts & Decorative Accessories, 11/1/2001
The National Association of Manufacturers (NAM) believes that the quickest remedy for the economic woes caused by the terrorist attacks is to have the government implement a variety of tax-relief measures. NAM is urging the government to jumpstart the economy by repealing the corporate alternative minimum tax, reducing corporate tax rates by 5 percent, and initiating scheduled individual tax rate cuts two years earlier than planned.
"Now millions of American businesses find themselves struggling to keep their doors open and their workers employed," commented NAM president Jerry Jasinowski. "I understand the concern of those who urge caution, but I don't believe we can afford to take a wait-and-see attitude about the economy."
NAM feels that the tax relief will restore business and consumer confidence by giving workers more money to use for spending, investment, and repayment of debt, and by improving companies' earnings, stock performance, and ability to keep workers employed. NAM's plan would cost an estimated $40 billion to $45 billion in the first two years and increase after that. However, the organization feels that it would result in a growth of the gross domestic product by $11 billion in 2002, $47 billion in 2003, and $62 billion in 2004.
