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ACCF Capital Formation Newsletter
Capital Formation Newsletter
June-July 1995, Vol. 20, No. 4
Senate Budget Chair Speaks to ACCF
Supporters
ACCF and ACCF Center For Policy
Research Rapidly Meeting 1995 Goals
Senate Budget Chair Speaks to ACCF Supporters
“We are perilously close to a financial credibility crisis if
we continue business as usual,” Senator Pete V. Domenici (R-NM),
Chairman of the Senate Budget Committee, stressed at the ACCF July
breakfast series. For a long time, this country and its policymakers
have not asked the question: "What can we afford?" he said.
As a consequence, the federal government has grown bigger and bigger
and promised more and more, states' responsibility dwindled, and the
federal debt kept growing. "We have become the epitome of taxation
without representation," Senator Domenici said.
This year the Budget resolution has more changes in it than have been
made during the last ten years combined, he said. While the resolution
itself is not law, it does have more power than anyone thought it
would, and it can be enforced, he said.
"Our goal is to balance the budget by 2002," Chairman Domenici
said. "If we can reduce the growth of federal spending by $760
billion, then we will be able to have a healthy tax cut-which could
include capital gains, IRAs, and a child credit," he said.
ACCF and ACCF Center for Policy Research
Rapidly Meeting 1995 Goals
The mission of the ACCF and ACCF Center for Policy Research is
to redefine and restructure U.S. tax, regulatory, and environmental
policies so this country can maintain economic growth, provide jobs,
and compete effectively in the world economy. During the first half
of 1995, the ACCF has played a key role as an effective advocate
of pro-capital formation tax policies. The ACCF has:
- Appeared three times as an invited expert witness at congressional
tax-writing committee hearings on the capital formation provisions
of the GOP "Contract With America" and major tax restructuring
proposals to promote saving and investment.
- Chaired the private-sector Capital Gains Coalition, a diverse
group of associations and companies united in support of significant
capital gains tax cuts for individuals and corporations. The Coalition
worked closely with congressional representatives to move the
capital gains provisions in the "Contract" through the
House. In the Senate, the Coalition is supporting the broad-based
capital gains tax bill sponsored by Senators Orrin G. Hatch (R-UT)
and Joseph I. Lieberman (D-CT) and is working to ensure that a
significant capital gains tax cut is a part of the House/Senate
tax package.
- Provided the intellectual arsenal for associations and companies
working for elimination, or significant reform, of the corporate
alternative minimum tax (AMT). ACCF research, media contacts,
and congressional outreach are helping to make the case in Congress
for elimination of this onerous tax.
- Rallied behind the coalition advocating expanded Individual
Retirement Accounts (IRAs). The ACCF's research on the effectiveness
of improved IRAs in increasing the personal saving rate is widely
disseminated on Capitol Hill and to the media.
In the past six months the ACCF Center for Policy Research has
expanded its highly credible economic research and publications
on capital formation policy issues. The Center:
- Prepared briefing papers and underwrote economic research on
the need to increase saving and investment in the U.S. economy.
The Center's work continues to be used extensively by policymakers,
the press, and the private sector.
- Planned two major public policy forums to be presented in the
near future: "An Economic Perspective on Climate Change Policies"
(September 13-please refer to the enclosed brochure for topics
and agenda) and "Tax Policy for the 21st Century" (February
1996).
- Published two new books: Tax
Policy and Economic Growth, and Strategies
for Improving Environmental Quality and Increasing Economic Growth.
The ACCF and the ACCF Center for Policy Research will continue
to advance these goals in the coming months.
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Capital
Formation is published by the American Council for Capital Formation,
a nonprofit, tax-exempt corporation organized under the laws of the District
of Columbia. Editor-in-Chief: Charls E. Walker, Chairman and Founder.
Editor: Mark A. Bloomfield, President. Associate Editors: Mari Lee Dunn,
Senior Vice President and Chief Administrative Officer; Margo Thorning,
Senior Vice President and Chief Economist. Capital Formation is
distributed to ACCF supporters, the media, policymakers in the executive
branch, and members of Congress and congressional staff. If you would
like to subscribe to Capital Formation and obtain information on
the activities of the ACCF, please contact Capital Formation, 1750
K Street, N.W., Suite 400, Washington, D.C. 20006-2302. Phone: 202/293-5811;
fax: 202/785-8165; e-mail: info@accf.org
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