The Metals Service Center Institute, by a unanimous vote of its Executive Committee, will urge Congress to extend the so called Bush tax cuts of 2001 and 2003 when lawmakers reconvene following the November mid term elections.
Mr Bill Jones VC of O'Neal Industries of Birmingham and also chairman of MSCI said that "Our economy remains very fragile, with extremely high unemployment, a record low level of construction, millions of foreclosures and tremendous uncertainty on the part of business about what blows may come next. This is not the time to tip the balance in a negative way by going back to the much higher tax rates and rules of a decade ago. Raising taxes now would be like kicking Americans when they are down. That would be bad for every American, not just the wealthiest, and it could have ruinous consequences for a weak economy."
The decision to support tax cut extensions to keep taxes lower for all Americans becomes part of the broader, pro business legislative agenda pursued by MSCI this year. Other elements of the agenda include support for legislation to respond to China's ongoing currency manipulation; opposition to the misnamed Employee Free Choice Act, which would deny workers the right of secret balloting in union representation elections; opposition to legislation that seeks to infringe on the right of free speech for all Americans, including trade associations and businesses; support for LIFO accounting, and opposition to climate legislation that would impose higher costs and restrictions on domestic manufacturers without regard to whether our global competitors bear the same cost.
Mr M Robert Weidner III president & CEO of MSCI said that "MSCI’s positions are always consistent with our pro business, pro manufacturing point of view. The well being of the metals industry is central to the well being of our economy as a whole. Company after company in our industry, be they producers of steel, stainless and aluminum or distributors and first stage fabricators, report an environment of precarious economic recovery. It makes no sense in this environment to punish business and business people with tax increases."
