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Show THE VOICE OF BUSINESS a cut vor call Amenccans Bv Richard L. Lesher, Pres., Chamberof Commerce of the United States Within six months, you'll be in the race of vour lives." That was the prediction-and the challenge-issued to the Amer.can us.nesf community by Treasury Secretary Donald Regan at the June meeting of the U.S. Chamber s Board of Directo8rsinW'a.shingtonhIt,sbasedon the Administrations hope that its entire economic package will be in place bv the end of the year. Then, once such shackles as excessive taxation and over-regulation are removed Secretary Regan said, "well see what American business can do." I know that the U.S. Chamber's 146 000 members, as well as the entire business community, are eager to take the Secretary up on his challenge That's why the U.S. Chamber's Board of Directors recently reiterated its support for the President's bipartisan tax plan, which, along with the rest of his economic program, will turn every American worker and business loose in the free marketplace to produce and prosper for the benefit of all. As expected, the Reagan tax bill, introduced recently in the House by Reps. Barber Conable (R-NY) and Kent Hance (D-TX), has touched off a series of questions and controversies over who will reap the greatest shares of its benefits. What will individual taxpayers get out of it? Will the rich benefit at the expense of the not-so-rich? Will big business benefit while smaller ones suffer? These questions miss the point. In fact the President's tax proposals will benefit all Americans and every segment of our economy. For example, the proposal to cut income tax rates across the board by 25 oercent would provide every working American with additional income as well as increased incentives to save, invest and produce. At the same time, the "progressive" nature of our income x cod! would be untouched. The familv of four who now earns $50,000 and pays 4.6 times the tax as a family making $20,000 would still be paying 4.6 times as much after the tax cuts. The individual tax rate cuts would help the business community as well. Almost 90 percent of American businesses-mainly small ones-now pay taxes at individual rates. A 25 percent cut would provide small firms with the wherewithal to expand, create new jobs, and in many cases, to simply survive. The benefits of another feature of the President's program-faster and simpler depreciation allowances for captial investments-would also be shared by the entire economy. Business and industry would have more capital to invest, modernize and compete once again in foreign markets. That means more jobs for the unemployed, more overtime for the currently employed, and lower inflation for all Americans. And, by simplifying the asset depreciation schedule, millions of small businesses which are presently unable to write off their assets because of complicated accounting and reporting requirements, would then be able to do so. Unless Congress enacts these and other essential features of iw v Reagan's tax package, every 0ne! will see his taxes go up this year ' year and every year for the foresee!!' future, as a result of increases m are already built into the system Can you afford to pay more b than you are today? Not J' American workers or businesses and if you are among those who cr " then this plan represents your only " ' hope of seeing those increases bro P1 under control. There simply tc alternative. 1 & Most important, the Presidem program recognizes a simple ( & which has been ignored in Washing for too long: The people produce n c government consumes. Isn't it m time that the producers are allowed! c( keep a greater share of their own, & forts? Isn't it about time that reaffirm the principles of a free " terprise system based on freefo. 31 opportunity, thrift, risk-taking 4 in incentive which have made this count 'a great? t U.S. Chamber economists are Co sl fident that the President's tax packa( 111 along with reduced governing se spending, regulatory relief and a stabi Tl monetary policy, can usher in a ne w era of American economic prosper But Secretary Regan is right; ij President's program will not at yi complish this goal for us. It will simf p put us at the starting line, swing op c the gates and allow every Amelia worker and business to realize their f, 0 potential in the free enterprise syste: (i We aren't asking for anything mor i IT I |