American
Business
Conference A Coalition of Growth Companies
| For Immediate Release: |
|
Contact: John Endean |
| January 8, 2003 |
|
(202) 822-9300 |
CEO Group Praises Bush Economic Package
Commenting on the President's new jobs and growth proposals, John Endean, president of the American Business Conference (ABC), a coalition of chief executives of fast-growing midsize firms, said:
"President Bush's new tax cut package is a good balance of initiatives for near-term support for recovery and long-term tax reform.
"In the near-term, it obviously makes sense to accelerate the remaining reductions in the marginal tax rates already enacted with bipartisan support in 1991 along with additional marriage penalty relief, an expanded child credit, and a broadened 10 percent income tax bracket. ABC also supports the President's proposal to give the states $3.6 billion for Personal Reemployment Accounts.
"From the standpoint of long-term tax reform, ABC was pleased that the President favors the elimination of the double taxation of dividend income. This idea would go a long way toward integrating the corporate and personal income tax, address concerns about the 'leveraging of corporate America' by equalizing the tax treatment of debt and equity financing, and make equity ownership a more attractive proposition for all Americans. Not incidentally, the proposal also reflects a heightened interest in corporate accountability. By removing the adverse tax treatment of dividends, corporations that do not pay dividends will be obliged to explain that policy to shareholders with greater precision and clarity."
The American Business Conference is a nonpartisan Washington-based coalition of chief executives of midsizes, fast-growing corporations. ABC members advocate policies to promote economic growth and a higher standard of living for all Americans.
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