Sen. Chuck Grassley, ranking member of the Committee on Finance, today made the following comment on tax relief in an economic stimulus package under development.
“Tax relief can work well to boost the economy if it’s done right. Before and after 9/11, the tax cuts kept our economy going very strongly. It’s tricky to make sure the relief is big enough to make a dent in our huge economy and done in a way that stimulates growth. This time, I’ll be looking for as many taxpayers as possible to get tax relief, as they did before. We ought to be inclusive rather than exclusive to ensure that the maximum stimulus occurs. Business tax incentives should be strong enough to spur investment and create jobs. Everyone ought to be very concerned about materially expanding entitlement spending and digging a deep budget hole even deeper without stimulating the economy. If we don’t stick to a tight definition of ‘stimulative,’ we’ll have trouble getting an effective bill passed. I look forward to seeing what the President elect and Democratic leaders have in mind and will contribute my own ideas."
