Shippers Need Tax Stimulus Measure

SAN FRANCISCO—While many shippers are looking forward to having more federal dollars spent on infrastructure if and when the “stimulus package” kicks in, the U.S. Chamber of Commerce is also hoping that tax cuts will play a major role in “jumpstarting” the economy.  “As we have stated from the beginning, the U.S. Chamber will support any measure that will speed economic recovery and put people back to work,” said the Bruce Josten, executive vice president for Government Affairs of the Chamber. “The tax relief measures reportedly under consideration by the incoming administration and senior lawmakers as part of a stimulus package fits that criteria.” Josten said acknowledged “the devil is always in the details,” but is nonetheless encouraged by this latest development. “We urge Congress and President-elect Obama to consider including other tax-related measures in the stimulus package,” he said, adding that repatriation of foreign earnings to help companies refinance debt should be part of the package. The Chamber — the world’s largest business federation representing more than three million enterprises and organizations of every size, sector, and region – is also advocating a temporary suspension of income tax on cancellation of debt for shippers.