Debt Ceiling: Businesses Ask Speaker Boehner for Realistic Tax Reforms that Raise Billions
(Washington, D.C.) The American Sustainable Business Council (ASBC), which represents over 100,000 businesses, asked Speaker Boehner and Majority Leader Cantor to reconsider their debt crisis position in a letter delivered this morning. “Tax adjustments and the elimination of unproductive subsidies must be part of a deficit package,” said Mike Krajovic of the Fay-Penn Economic Development Council.
The ASBC said it was important to understand that many businesspeople, particularly small businesses, disagree with key points made in the name of the private sector. “Some so called business advocates are using the halo of small business to camouflage tax policy that only benefits the wealthy and big business,” said Frank Knapp, President of the 5,000 member South Carolina Small Business Chamber of Commerce. “Most small businesses pay their taxes fully as required through their personal returns. But corporate tax policy is so full of loopholes that many large corporations do not pay the statutorily required marginal rates. The fact that large companies are not paying their fair share causes small businesses to pay more and hurts their competitiveness.”
“Mr. Boehner’s basic premise: that even one dollar of tax increases destroys jobs is inaccurate,” said Mitch Rofsky, President of the Better World Club, an auto/travel club. “And even if a job is created from an unpaid tax dollar, can the Speaker assure the American people that it is a job in the United States, as opposed to, say, China?”
The letter describes principles that represent the perspective of ASBC members. Read the letter.
It is estimated the suggested reforms would reduce the deficit by at least $2.75 trillion over ten years.