(Undated) – Indiana businesses are weighing in on how to fix the nation’s fiscal problems.
The Indiana Chamber of Commerce has released results of a tax survey done in partnership with U.S. Congressman Todd Young (R-IN 9). Out of 188 respondents to the recent survey, 73 percent are small businesses.
Sixty-seven percent of the businesses surveyed said the nation’s fiscal problems are because of government spending, while 33 percent said it is a combination of higher spending and lower revenues.
"Raising tax rates isn't the right way to go to raise revenue. It may be good politics, but it is lousy economics. Reforming and simplifying the tax code, which will stimulate job creation and economic growth, is the preferred and needed path for Indiana businesses and their employees," said Indiana Chamber President Kevin Brinegar.
Most of the businesses agreed with President Obama’s vocalized stance that tax reform should focus on shared sacrifice in both cutting government spending and raising taxes.
Seventy-one percent of businesses surveyed indicated a willingness to give up some of their favorable tax credits or deductions for lower individual and corporate tax rates
“It's clear to me there is a real appetite right now for comprehensive tax reform,” said Young, a recent appointee to the important House Ways and Means Committee. “As negotiations continue on the so-called ‘fiscal cliff', tax reform paired with spending cuts isn't just my desired approach, it's also the approach favored by individual Hoosiers and Indiana businesses.”