Mike Kastner, senior director of government activities, represented the National Truck Equipment Association at a White House discussion on taxes June 2.
The NTEA was invited to a White House briefing to discuss the effects of allowing the 2001 and 2003 tax cuts to expire at the end of 2010. The meeting was led by Dr. Edward Lazear, chairman of the President's Council of Economic Advisors. President Bush joined the meeting, thanking the invited organizations for their previous efforts to pass the legislation and asking for their support to make the tax cuts permanent.
If Congress does not act to make the tax relief permanent, the death tax will come back in full force after 2010. In addition, the tax rate on dividends will return to a maximum of 39.6% and the top tax rate on long-term capital gains will climb from 15% to 20%. According to President Bush, if the tax relief is allowed to expire at the end of 2010, individuals and businesses will pay about $280 billion more in taxes each year.