The Rubber Manufacturers Association (RMA) is backing President Bush's economic growth package, which aims to re-energize the economy through tax cuts and business incentives.
The RMA is a member of the Tax Relief Coalition, which is supporting the president's proposed plan, including a key element that would accelerate 2001 tax cuts for individuals. Putting more money in taxpayer's pockets should help stimulate consumer demand for products and services that can help spur economic growth, the RMA notes.
According to the White House, the president's proposed plan will provide 92 million taxpayers with an average tax cut of $1,083 in 2003.
Another key element of the plan seeks to encourage job-creating investment in America's businesses by ending the double taxation of dividends.
The plan also targets small business with incentives such as raising expense limits from $25,000 to $75,000 allowing for businesses to expand and invest money to create jobs and expand employee benefits, the RMA says.
The president's Council of Economic Advisers projects that the economic growth plan will help to create 2.1 million jobs over the next three years.
RMA estimates that at least half of its General Products Group members could benefit from the president's small business incentives.
The economic plan also provides for expanded benefits to unemployed workers. Every worker who has lost his or her job and qualifies for unemployment benefits will get more help, and many will qualify for new, more flexible Personal Re-employment Accounts, which provide a bonus if they find work quickly.
"Congress should move quickly to act on the president's plan to stimulate economic growth and job creation," said Donald B. Shea, RMA president and CEO.
