On March 27, 2009, FEI’s Committee on Taxation (“COT”) sent letters to Congressional leaders that address several of the proposals that were included in President Obama’s budget plan that was sent to Congress on February 26, 2009.  Specifically, letters were sent to the tax writing committees, budget committees, and Congressional leadership.

COT remarked that “The tax provisions in President Obama’s budget would confront U.S. businesses with daunting challenges in the best of economic times. During this period of economic struggle, however, as businesses seek enhanced access to capital, increased liquidity, and renewed job growth, hundreds of billions of dollars in business tax increases will impede economic recovery. “

The letter went on to say, “COT strongly urges that any major tax policy changes be addressed in the context of a broader tax reform effort, in which a significant corporate tax rate reduction is considered concurrently.”