"Chamber Of Commerce On Stimulus: We Like The Corporate Tax Cuts, But There Should Be More"
Furthering its insistence that corporations will be the saviors of the economy, the Chamber of Commerce sent a letter to members of the Senate Finance Committee today approving of the business tax cuts in the Senate’s proposed economic stimulus package, but urging that more be added.
As McClatchy reported, the Senate included provisions “desperately sought by corporate America” that are not in the House’s version of the bill. However, the Chamber suggested “other provisions” — like “reduc[ing] the corporate capital gains rate to 15%” — to further transform the legislation into a corporate tax cut goodie bag.
Useful provisions — like investments in mass transit — have already been booted from the stimulus to make space for ineffective, industry driven tax breaks. With its letter, the Chamber is only encouraging these poor decisions.