[Congressional Record Volume 147, Number 126 (Tuesday, September 25, 2001)]
[Extensions of Remarks]
[Pages E1739-E1740]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   ECONOMIC REVIVAL PLAN FOR AMERICA

                                 ______
                                 

                             HON. PAUL RYAN

                              of wisconsin

                    in the house of representatives

                      Tuesday, September 25, 2001

  Mr. RYAN of Wisconsin. Mr. Speaker, I submit for the Record a letter 
to the President of the United States from a large number of reputable 
economists and public policy advocates who have identified a pro-growth 
pro-jobs strategy to revive the U.S. economy.

       Dear Mr. President. We, the undersigned, believe that quick 
     and decisive action is needed to rebuild the nation's capital 
     stock and restore economic growth. The economic slowdown that 
     began in the middle of last year was perilously close to 
     becoming a recession. But, because of what happened on 
     September 11, what was a cause for concern is now a threat to 
     national security.
       The terrorist attacks destroyed a significant amount of 
     wealth and damaged the short-term capability of key sectors 
     of America's economy. Recovering from these despicable 
     assaults will be a tremendous ordeal, but dealing with this 
     challenge is only part of the problem. Equally important is 
     the need to restore the economy's overall performance. If 
     America is to successfully wage war on terrorism, we will 
     need the resources that only can be generated by an economy 
     firing on all cylinders.
       This means substantial tax reform and significant tax rate 
     reductions. We believe the core elements of an Economic 
     Rebuilding and Recovery Package are:
       A shift toward ``expensing'' of business investment. It is 
     counterproductive not to allow companies to fully deduct the 
     expense of investments in new factories, machines, 
     structures, and technology. Replacing the current 
     ``depreciation'' rules with immediate expensing--or at least 
     a significant shift in that direction as contemplated in the 
     High-Productivity Investment Act introduced in the US House 
     of Representatives--will boost capital formation and help 
     rebuild the wealth destroyed by terrorists.

[[Page E1740]]

       Accelerated implementation of the income tax rate 
     reductions. The tax rate reductions enacted earlier this year 
     constitute sound long-term tax policy, but many of the pro-
     growth elements do not take effect until 2004, 2006, and 
     2010. This means the additional growth will not take effect 
     until that time. The rate reductions, IRA expansions, and 
     death tax repeal should be made effective as of September 11, 
     2001.
       Capital gains tax rate reduction. The capital gains tax is 
     a form of double taxation that penalizes risk-taking and 
     entrepreneurship. This tax should not exist, and it certainly 
     imposes significant economic damage in today's uncertain 
     environment. A large--and permanent--reduction in the capital 
     gains tax will stimulate new investment and more productive 
     use of capital.
       We look forward to working with you to rebuild America and 
     restore economic growth. Thank you for your attention to this 
     critical issue.
           Sincerely,
         Paul Beckner, President, Citizens for a Sound Economy; 
           John Berthoud, President, National Taxpayers Union; 
           David Burton, Senior Fellow, Prosperity Institute; 
           Steve Entin, President and Executive Director, 
           Institute for Research on the Economics of Taxation; 
           Robert Funk, Executive Director, American Shareholders 
           Alliance; James Gattuso, Vice-President for Policy, 
           Competitive Enterprise Institute; Tom Giovanetti, 
           President, Institute for Policy Innovation; Lawrence 
           Hunter, Chief Economist, Empower America; Charles W. 
           Jarvis, Chairman and CEO, United Seniors Association; 
           Dave Keene, Chairman, American Conservative Union; 
           Karen Kerrigan, Chairman, Small Business Survival 
           Committee; Jim Martin, President, 60 Plus Association.
         Dan Mitchell, McKenna Senior Fellow in Political Economy, 
           Heritage Foundation; Steve Moore, President, Club for 
           Growth; Grover Norquist, President, Americans for Tax 
           Reform; Duane Parde, Executive Director, American 
           Legislative Exchange Council; Andrew F. Quinlan, 
           President and CEO, Center for Freedom and Prosperity; 
           Richard Rahn, Senior Fellow, Discovery Institute; Gary 
           Robbins, President, Fiscal Associates; Paul Craig 
           Roberts, former Assistant Secretary of Treasury for 
           Economic Policy; Terrence Scanlon, President, Capitol 
           Research Center; Tom Schatz, President, Citizens 
           Against Government Waste; Lew Uhler, President, 
           National Tax Limitation Committee.
       * Organizational affiliations are included for 
     identification purposes only.
       Identical letters were sent to the following: Speaker of 
     the House Dennis Hastert, House Minority Leader Richard 
     Gephardt, Senate Majority Leader Thomas Daschle, and Senate 
     Minority Leader Trent Lott.

     

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