Comprehensive Solution Is Needed
By Thomas J. Donohue, President and CEO, U.S. Chamber of Commerce
Congress will focus in the coming days and months on the immediate housing and credit crises that have roiled markets worldwide. There is bipartisan momentum for mortgage relief on Capitol Hill, and the Chamber supports a targeted program to allow responsible home-owners to stay in their homes under renegotiated terms.
The U.S. Chamber of Commerce on April 9 presented 239 federal lawmakers with its prestigious Spirit of Enterprise Award for their support of pro-growth legislation during the first session of the 110th Congress. Members of the Senate were judged on 11 key votes; House members, on 20 votes. Members who supported the Chamber's position on at least 70% of those votes received the Spirit of Enterprise Award. Learn more.
ConnecticutLawmakers Consider Tax Repeal-At the urging of business groups, state lawmakers are considering a bill to repeal a flat $250 tax on state businesses. The tax, which applies primarily to small companies and LLCs, was enacted six years ago to cover a shortfall in the budget. Source: Republican-American
Despite the threat of a presidential veto, the House passed a $54 billion tax bill that would extend energy and business tax provisions supported by the U.S. Chamber but it would do so by using revenue-raising provisions that targets other businesses. "The Chamber supports legislation that would extend these vital tax provisions; however, the Chamber opposes the decision to include targeted tax increases on the nation's businesses," the Chamber's Bruce Josten said in a May 21 letter to the House.
Chamber Pushes for Permanent Tax ReliefThe owners of Art Craft Display Inc. in Lansing, Michigan, worry that expiring tax cuts will have a deep impact on their business.
Small business owners are concerned about the economy more than ever, but they are still glad to be their own bosses, according to a quarterly survey released this week. Small business optimism is at an all time low, according to the Wells Fargo/Gallup Small Business Index, dropping 35 points from the previous survey in January to 48 points. This is a 66-point drop from the Index's highest score of 114 in December 2006 and the lowest in the five year history of the survey.
Discuss Benefits of Stimulus PackageChamber members Tom Sawner (far left) and Darlene Miller meet with President Bush to discuss the economy.
