WASHINGTON — The U.S. Chamber of Commerce attacked a major part of President Clinton's economic program Monday, coming out against $104 billion of his proposed tax increases.
In a letter to every member of Congress, the chamber said it opposed Clinton's broad-based energy tax, his proposal to boost the corporate tax rate from 34% to 36% and a Clinton proposal to boost taxes on foreign royalty income earned by U.S. companies.
The three items would raise $104 billion out of the $327 billion in new taxes Clinton is seeking over the next five years.
"As currently written, the President's package will weaken the U.S. economy, resulting in job loss," the chamber's letter said. "The interests of many small businesses, historically the sector of greatest job creation, will be adversely impacted."