New Report Makes Business Case for Letting High-End Tax Cuts Expire; National Business Leaders, Small Business Owners Signing Petition to Congress, President; Telepress Conference With Sen. Merkley Nov. 17

WASHINGTON, Nov. 16, 2010 /PRNewswire/ -- A report released today finds it makes good business sense to let high-end tax cuts expire on Dec. 31. The Business Case for Letting High-End Tax Cuts Expire, by Business for Shared Prosperity, says families should keep tax cuts on their income below $250,000, but well-off taxpayers should not get extra tax cuts that won't create jobs and will cost $700 billion over the next decade. Instead, Congress should build on constructive action like the Small Business Jobs Act and infrastructure investment needed to create jobs and compete in the global economy.

U.S. Women's Chamber of Commerce CEO Margot Dorfman said, "The high-end Bush-era tax cuts are contributing to our financial ruin rather than our economic success. They should expire as scheduled on December 31 and put us on a better path for the New Year."

Rick Poore, Owner of Design Wear Inc. in Lincoln, Neb. said, "The idea that ending the Bush cuts for the top brackets will hamper small businesses' ability to reinvest is a red herring. The sales dollars I reinvest by hiring more employees or buying equipment don't pass through onto my tax return. As a fellow businessman told me, 'Give me more customers and I'll be forced to buy equipment and hire people to meet demand. Give me a tax break without more customers and I'll just go to Aruba.'"

Press Teleconference Nov. 17: tentatively scheduled for 1 pm ET with Sen. Jeff Merkley, U.S. Women's Chamber of Commerce CEO Margot Dorfman, SC Small Business Chamber of Commerce CEO Frank Knapp and a member of the Oregon Small Business Council.

South Carolina Small Business Chamber of Commerce CEO Frank Knapp said, "Extending the high-end Bush tax cuts serves Wall Street and K Street lobbyists, not Main Street shop owners. Politicians should not use us to justify a very bad business decision."

Business leaders and small business owners across the country are signing a petition to be delivered this week urging Congress and President Obama to let the high-end tax cuts expire.

The report and petition are available at www.businessforsharedprosperity.org. Business for Shared Prosperity is an independent network of forward-thinking business owners, executives and investors.

SOURCE Business for Shared Prosperity