The Daily Caller highlights the portion of the transcript from Monday’s meeting of the President’s Economic Recovery Advisory Board during which panelists discussed taxes, uncertainty and the economy. The remarks by Laura D’Andrea Tyson, chairman of the Council of Economic Advisors under President Clinton, were … puzzling. Not quite right. Off base. Out of touch.
MS. TYSON: Well, I didn’t come prepared to talk to the tax issue. I will say a couple of things, having listened to the discussion.
One is I’m struck by the fact that a lot of the companies we talk about having lots of cash, where it sits — if you read the reports, say, of the Business Council, Business Roundtable, National Association of Manufacturers, if you listen to the CEOs of big companies sitting here, this tax issue doesn’t come up.
We can assure Ms. Tyson that NAM member companies are extremely concerned about the expiration of the 2001 and 2003 tax rates. From the NAM’s ManuFact, “Taxing Smaller Manufacturers: Pending Tax Increases Will Hit Small and Medium-Sized Manufacturers: “In a March 2010 survey of small and medium-sized manufacturing firms, 86 percent said they were concerned about the expiring tax rates – of those, 62 percent said they were very concerned.”
Tyson goes on to talk about the larger corporations:
If they’re going to talk about taxes, the business community that I know with the large amounts of cash that could employ large numbers of people are more likely to talk about corporate tax reform. They’re more likely to talk about repatriation. They’re more likely to talk about deferral. They’re not talking about their particular income tax bracket. So I just am not convinced.
Yes, the larger companies are more likely to talk about repatriation and deferral than the individual income tax rates. After all, unlike the smaller companies, they do not file under the individual rates.
But the Obama Administration and Congress are targeting these larger companies — EMPLOYERS of millions of Americans — for higher taxes in these areas, as well. The NAM’s letter of Sept. 24 to the U.S. Senate about the international tax increases in the “outsourcing bill” provides details.
To suggest that manufacturers are not concerned about the expiration of the 2001 and 2003 tax rates is, to put it in the vernacular, wrong.
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