The Board of Directors of The South Carolina Small Business Chamber of Commerce voted this week to support the effort in Congress to end tax cuts for the very rich. Here’s why.
Economy & Budget
The recent ponzi schemes that vanquished the retirement savings of thousands of Americans exposed serious flaws in the nation’s investor protection laws. Today, Congress will finally start examining how the Securities Investor Protection Corporation (SIPC) can better protect investors from criminals who are not playing by the rules.
George Orwell would appreciate the irony: The child nutrition bill that could come up for a vote in the House as early as this week would actually take food from the mouths of children. The Senate-created bill that attempts to improve and regulate what our schools are serving for breakfast and lunch would be paid for, in significant part, with a $2 billion reduction to the federal food stamp program, or SNAP, cutting $59 from a typical family of four’s monthly food budget.
Global markets have changed and competition has increased over the last 60 years but the United States remains the world’s largest manufacturer and provider of services. In fact, much of our economic growth in recent years can be attributed to robust international trade. According to the US Chamber of Commerce, more than 1 in 5 American jobs depend on international trade.
President Obama announced the formation of the President’s Export Council (PEC) in July, the principal national advisory committee on international trade. As Members of the PEC, we recognize that done right, trade agreements can create jobs, increase exports, and help our economy recover. Done wrong, however, trade agreements send those same jobs off-shore, benefiting a narrow class of investors while leaving American working families behind.
As our nation struggles to recover from its worst economic period since the Great Depression, rekindling economic growth and private sector job creation should be at the top of the congressional agenda. Unfortunately, a lack of bipartisanship in Washington has not served our economy well. In an effort to put our economy back on track, we need to extend the current tax rates for dividend income and capital gains before they expire. As small businesses struggle with frozen credit markets and dwindling capital, the last thing our country’s job creators can afford is a tax hike.
The spirit of American Exceptionalism that our country’s founding fathers embraced was built on the fundamental pillars of political liberty, economic freedom and moral responsibility. Today, I am concerned that one of those pillars is at risk: our economic freedom.
The past 19 months have been historic in the United States for many reasons. While the American people have been waiting for Washington to deliver economic policies that will get them back to work and our economy back on track, Washington has focused its attention elsewhere.
With the news on September 16 that the number of American homes lost to foreclosure is up 25 percent on the year, one naturally turns an inquisitive eye to the efficacy of President Obama’s key tool in combating this crisis—the Home Affordable Modification Program (HAMP).
China is disrespecting America.
The Asian giant is an international trade outlaw, and U.S. manufacturers and workers are its crime victims.