A Real Tax Package
The economy is performing below its potential. Workers are losing jobs, families are watching investments drop in value, and businesses are losing money. These developments require a response. Many proposals for new spending are irresponsible and would do nothing to stimulate long-term recovery. Fortunately, there are a number of tax reforms that could help restore growth and boost job creation. A “stimulus” package based on the following principles would benefit America’s workers, investors, and entrepreneurs by improving incentives to work, save, and invest:
It also is important to block initiatives that would hinder economic recovery. One sensible action would be the immediate withdrawal of the IRS regulation proposed in the waning days of the last administration. Dealing with the reporting of bank-deposit interest paid to nonresident aliens, this proposed regulation could drive hundreds of billions of dollars of capital out of the American economy — with no increase in revenue to the U.S. Treasury. This regulation was a bad idea before September 11; it is an even worse idea today.
Better tax policy will help the economy recover. That is why it is important to reduce the tax penalties on productive behavior. A stimulus package that reduces tax rates on workers, investors, and business will mean more jobs, higher incomes, and a stronger America.
Sincerely,
Edwin J. Feulner, The Heritage Foundation
Paul Weyrich, Free Congress Foundation
David Keene, American Conservative Union
Jack Kemp, Empower America
Kevin Hassett, American Enterprise Institute
Grover Norquist, Americans for Tax Reform
Alan Reynolds, Cato Institute
Richard Rahn, Discovery Institute
Karen Kerrigan, Small Business Survival Committee
Stephen Moore, Club for Growth
John Goodman, National Center for Policy Analysis
Lew Uhler, National Tax Limitation Committee
Paul Beckner, Citizens for a Sound Economy
Eric Schlect, National Taxpayers Union
Duane Parde, American Legislative Exchange Council
David Burton, Prosperity Institute
Stephen Entin, Institute for Research on the Economics of Taxation
Jon Caldara, Independence Institute
Robert Funk, American Shareholder’s Association
Tom Giovanetti, Institute for Policy Innovation
Grant Gulibon, Commonwealth Foundation
John Hood, John Locke Foundation
Gordon Jones, Association of Concerned Taxpayers
James Martin, 60 Plus
John McClaughry, Ethan Allen Institute
Edwin Moore, James Madison Institute
Mitchell Pearlstein, Center of the American Experiment
Don Racheter, Public Interest Institute
Lawrence W. Reed, Mackinac Center for Public Policy
Gary Robbins, Fiscal Associates
Terrence Scanlon, Capital Research Center
Tom Schatz, Council for Citizens Against Government Waste
Brian S. Wesbury, Griffin, Kubik, Stephens & Thompson, Inc
Bob Williams, Evergreen Freedom Foundation
Ronald Nehring, Project for California’s Future
Forest Thigpen, Mississippi Policy Institute
M. Gene Aldridge, New Mexico Independence Research Institute, Inc. Michael Gilstrap, Tennessee Institute for Public Policy
Jeff Judson, Texas Public Policy Foundation
*Organizational affiliations are included for identification purposes only.