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NAM pushes 3 tax cuts to aid manufacturing firms.(National Association of Manufacturers)(Brief Article)(Statistical Data Included)
One of the hardest-hit segments of the economy this year has been manufacturing.
The National Association of Manufacturers is calling on the Bush Administration and Congress to move more aggressively on a series of tax measures that it believes will help jump-start the economy.
NAM's tax plancalls for three primary elements:
* Acceleration of individual tax-rate cuts. Although individuals have received some tax relief this year, the next tax-rate cuts are not scheduled until 2004. Because the phase-in would be shortened by two years, individuals and many small businesses would receive tax-rate cuts in January 2002 and January 2004.
* A 5 percent reduction of corporate tax rates. NAM believes by reducing corporate tax rates by 5 percentage points, there will be immediate bottom-line tax relief to American corporations. Unlike other tax law changes, the rate cuts allow companies to use savings to reduce debt, save or invest as they see fit.
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