Fred Thompson: 'Catastrophic' If Bush Tax Cuts Not Renewed

Newsmax.com
Monday, 26 Jul 2010 09:48 PM

By: David A. Patten

Former GOP presidential candidate and U.S. Sen. Fred Thompson warns that not extending the Bush tax cuts could have "devastating" and "catastrophic" consequences for the American economy.

"We must urge Congress and the president to renew the Bush tax cuts early, before they expire and before investors lose confidence in the U.S. economy," Thompson stated in a letter he signed on behalf of the League of American Voters, a nonpartisan organization that advocates conservative principles.

Beginning Tuesday, Thompson will be promoting the proposed tax-cut renewal in a national TV ad campaign and petition drive the league is funding.




The former actor is joining forces with the League of American Voters as spokesman for a campaign to pressure members of Congress to renew the Bush tax cuts.


The Bush tax cuts were passed in 2001 and 2003 after the dot-com recession and 9/11. The cuts slashed income tax rates at every level, and later reduced capital gains and dividend taxes.

The Bush cuts will expire en masse on Dec. 31, unless Congress renews them.

"Our nation faces a massive automatic tax increase at the end of this year when the Bush tax cuts expire," Thompson warns in the ad, which can be viewed at RenewTheTaxCuts.com.

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