As we have stated from the beginning, the U.S. Chamber will support any measure that will speed economic recovery and put people back to work. The tax relief measures reportedly under consideration by the incoming administration and senior lawmakers as part of a stimulus package fits that criteria. The tax cuts are large enough to make a difference and will benefit individuals and businesses, both of which are hurting. Significant tax relief will spur consumer spending, business investment, and help jumpstart the economy.

While the devil is always in the details, we are encouraged by this latest development. We urge Congress and President-elect Obama to consider including other tax-related measures in the stimulus package, including an investment tax credit for home purchases, repatriation of foreign earnings to help companies refinance debt, and a temporary suspension of income tax on cancellation of debt.