Cry Wolf Quotes
The enactment of the foregoing bill as introduced would, in our opinion, eventually ruin the original home thrift institutions, such as ours, and approximately 11,000 others in the United States holding the savings of 10,000,000 of our people in the aggregate sum of approximately $8,000,000,000.
[The strong Democratic bill will] bring about conditions in the business community which will be chaotic…and could bring about a breakdown between government and those in labor and management with which it deals.
I rise today to sound the alarm on a provision of the proposed reconciliation package that has ominous implications for New York City. The proposed reduction of the business-entertainment deductions contained in reconciliation could produce a job loss of at least 15,000 in the New York metropolitan area alone, and hundreds of thousands more job losses in business and tourist centers across America. The provision is, in effect, a new tax…If adopted, this provision would inflict deep wounds on New York City's second largest industry-tourism. Many experts fear that with the new tax, companies would drastically scale back use of meals and entertainment as part of doing business. That would directly affect restaurants, hotels, and theaters and trigger adverse ripple effects in industries like catering and conventions. New York is the premier arts and business center in the United States, so its economy depends heavily on business and entertainment. This reform would not only hurt the business community; it would also hurt the beleaguered arts community….The economic repercussions will be felt all across America: from New York City to Chicago to Las Vegas to Hawaii. As an export product, travel and tourism accounts for 11 percent of total U.S. exports of goods and services. Industry experts estimate that as much as $1 billion in new tax revenue will be raised from Manhattan alone. This is an ominous prospect. Worst of all, experts fear that this provision will be counterproductive as a revenue raiser, bringing minimal revenue benefit at great human cost.
It would require us to mail out forms and get information on 450 or more chemicals from 7,500 firms. We think that would require another 15 people [and $300,000 more in costs].