Coalition Letter to Debt Supercommittee
9/30/2011 7:54:00 AM
September 29, 2011
The undersigned organizations urge you, as a member of the newly appointed Joint Select Committee on Deficit Reduction, to go beyond the legislative mandate of the Balanced Budget Control Act of 2011 to achieve savings of $1.2 to $1.5 trillion to ensure that we stabilize our nation's debt and put the debt's share of the economy on a downward path. This is essential for long-term economic growth in our nation.
We believe it is crucial to act expeditiously to rein in spending, reform the tax code, reduce the deficit, and stabilize and ultimately lower America's level of debt. Economic growth is critical to our nation's fiscal health, and we believe that these steps will remove the threat of fiscal instability, improve certainty, and create a sustainable foundation for economic and job growth in the years ahead.
Put simply, Congress must reform entitlement programs and comprehensively restructure the U.S. tax code.
The U.S. tax system is in desperate need of simplification and fundamental, comprehensive reform that encourages investment and employment. Comprehensive reform of corporate and individual taxes has been urged by individuals and groups as diverse as the House Budget Committee chairman, the chairmen of the Senate and House tax-writing committees, the Treasury Department, the National Commission on Fiscal Responsibility and Reform among many others. We believe the primary goal of tax reform should be improving the nation's long-term economic growth, which will lift Americans' living standards and create jobs.
Globally, in just the past four years, 75 countries have cut their corporate tax rates to make themselves more tax-competitive and increase economic growth. America's largest trading partnersCanada, Great Britain, and Japanhave all taken steps to become more competitive. Meanwhile, our nation's small businesses are facing the prospect of a crushing 39.6 percent tax burden. We must have policies that lead to faster, more sustainable economic growth to employ and reemploy millions of Americans. Policies conducive to long-term economic growth are one of the keys to fixing the long-term fiscal crisis facing the country.
Regarding entitlement reform, our nation's demographics will continue to put increasing financial pressure on our entitlement systems, as more than 70 million baby boomers begin their retirements starting this year. Reforms to major entitlement programs should be made as quickly as possible so that the benefits of current and near-term retirees are secured and changes in future benefits can be phased in over a period of time.
We believe that putting in place a multi-year growth and deficit reduction strategy that reforms entitlements, implements comprehensive tax reform, and stabilizes the debt as a share of the economy is critical in creating the stability the business community needs, growing the economy, and restoring Americans' faith in the political system.
We strongly urge you, as a member of the Joint Select Committee on Deficit Reduction, to go beyond the specific mandate of the Budget Control Act and take the steps necessary to achieve these critically important objectives.
Air Conditioning Contractors of America
American Bakers Association
American Beverage Association
American Chemistry Council
American Coatings Association
American Council of Engineering Companies
American Financial Services Association
American Forest & Paper Association
American Foundry Society
American Gaming Association
American Gas Association
American Insurance Association
American Lighting Association
American Rental Association
American Restaurant Association
American Supply Association
American Trucking Associations
AMT - The Association For Manufacturing Technology
Ardmore Chamber of Commerce
Arizona Chamber of Commerce and Industry
Arizona Small Business Association
Arizona Manufacturers Council
Arizona New Mexico Cable Communications Association
Arkansas State Chamber of Commerce/AIA
Arlington Chamber of Commerce - TX
Associated Builders & Contractors, Inc.
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