Business Tax Cuts Not Likely In Current Bill, Lott Tells ATA
Senate Majority Leader Trent Lott told a closed-door meeting this week of American Trucking Associations’ Executive Committee not to expect tax cuts for business in the $1.6 trillion tax bill now before Congress, but to wait for another bill later this year or in 2002.The Mississippi Republican told the carrier executives that President Bush first wants across-the-board tax cuts for individuals in “a clean tax bill” to stimulate economic growth. Tax cuts for businesses would follow.
Trucking leaders voiced strong support for “broad, across-the-board tax cuts.”
ATA President Walter B. McCormick Jr. said the industry would also continue to lobby hard for repeal of the estate tax and acceleration of the return to an 80% tax deduction for meals taken on the road.
