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U.S. Senator Ben Nelson has offered consistent support for reducing the tax burden on American families, believing that “taxpayers know what to do with their money better than government bureaucrats.” Since coming to the Senate in 2001, Nelson has played a key role in passing several major tax cuts, including providing the lynchpin of Democratic support for both the 2001 and 2003 tax cuts enacted under President George W. Bush. In September, Nelson announced that he would again break ranks with his party and support the continuation of the 2001/2003 rates, noting that raising taxes in this economy could impair recovery and “hold back economic development across America.” Nelson often works across party lines, forging agreements with a particular focus on policies that reduce both spending and taxes, adhering to his belief that it is important to rise above Washington’s partisan environment.
Following Senator Nelson’s remarks, Bill Beach will kick off a tax panel discussion by presenting on the findings of a major analysis by CDA showing the economic and fiscal effects of President Obama’s tax proposal. A sophisticated econometric modeling of his plans shows significant job and income loss impacting all Americans, and changes in GDP. Results are presented nationally, as well as by state and Congressional District. Mr. Hodges and Reardon will comment on predictions of falling employment, averaging 693,000 job losses per year; a decrease in GDP of $1.1 trillion; and a tax increase for the average non-farm small business filing through the individual income tax code of about $3,500.
More About the Speakers
The Honorable Ben Nelson (D-NE)
Member, United States Senate
Followed by a panel of tax experts
Executive Director, S-Corp Association
President, The Tax Foundation
J.D. Foster, Ph.D.
Norman B. Ture Senior Fellow, Thomas A. Roe Institute for Economic Policy Studies, The Heritage Foundation
William W. Beach
Director, Center for Data Analysis and Lazof Family Fellow