Tax and Fiscal Policy
A number of tax cuts expire and automatic spending cuts begin to take effect at the end of the year under the "Budget Control Act of 2011." Under the Act, when the Joint Select Committee on Deficit Reduction last year failed to find budget savings of $1.2 trillion over 10 years, it triggered a process where defense and nondefense spending must be cut equally to achieve the savings.
It is Deere’s position that the U.S. and its political leaders must define a plan to substantially reduce its long-term budget deficits and stabilize the national debt as a percentage of GDP. The plan must be predictable, long-term, and binding. In order to make investments and grow, business and financial markets need to have confidence that the U.S. is committed to serious deficit reduction and fiscal responsibility.
Deere & Company Chairman and CEO Sam Allen recently joined the "Campaign to Fix the Debt," a nonpartisan coalition of civic leaders, CEOs, and budget experts whose objective is to lay the foundation for the legislation and policy moves that would sharply reduce U.S. government debt and avoid the automatic budget cuts due to begin in January 2013.
Allen said he has committed to playing an active role in the effort to put America on a better fiscal and economic path. "Getting involved in the Campaign to Fix the Debt is the right thing to do," he said. "It’s good for the country and goes beyond any specific policy priority for Deere. This type of undertaking is an example of the value of our broader government relations strategy."
The Campaign to Fix the Debt is working as an educational initiative, mobilizing business, government, policy leaders, and people across America to build support for a comprehensive plan to reduce the country’s long-term debt and budget deficits, avoiding the drastic and across-the-board budget cutting under the Budget Control Act.
Read more at www.fixthedebt.org.