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Washington, DC, October 4, 2001 – Today, a coalition of organizations led by Empower America met with White House officials and delivered a letter to the President urging him to "take the reigns of economic policy firmly in hand and present Congress and the American public with a bold plan for economic recovery with specific proposals that build on the successful tax rate reductions of the past." Empower America co-director Jack Kemp, on behalf of the signatories, delivered the letter to the President.
The letter expressed concern that the White House is leaning toward adopting an economic plan that reflected policy recommendations made by former Clinton Treasury Secretary Robert Rubin. The coalition letter outlined the wide disagreements with Secretary Rubin’s economic ideas, detailing why they are flawed especially at a time when immediate economic growth is so crucial for America.
The coalition offered their recommendations to the President for a successful economic battle plan for the nation that includes: cutting the capital gains tax rate, accelerating depreciation on investment in plant, equipment and technology, and making all of the income tax rate reductions effective January 1, 2001. To rebuild an economy ready and able to fight a war on terrorism and a looming war on recession it is necessary to implement significant tax rate reductions and sound economic proposals that increase the incentive to work, save and invest in the future. It is wholly ineffective to simply give money to people so they can spend it, as has been suggested by Secretary Rubin.
Through the letter, and at the meeting with White House officials today, the coalition stated their confidence in President Bush to make the right decisions to lead America in the war on terrorism and steer the economy out of danger, and offered to assist him in any way possible.
In an interview yesterday on CNN’s Late Edition with Wolf Blitzer, in which he appeared with former Clinton Labor Secretary Robert Reich, Empower America co-director Jack Kemp called for a "battle plan to combat recession."
In the days and weeks following the terrorist attacks on September 11, 2001 Empower America has been forcefully advocating an economic recovery and rebuilding plan centered on pro-growth tax initiatives.