The Metals Service Center Institute (MSCI) announced Tuesday that by a unanimous vote of its Executive Committee, it will urge Congress to extend the so-called Bush tax cuts of 2001 and 2003 when lawmakers reconvene following the November mid-term elections.
"Our economy remains very fragile, with extremely high unemployment, a record low level of construction, millions of foreclosures and tremendous uncertainty on the part of business about what blows may come next," said Bill Jones, vice chairman of O'Neal Industries of Birmingham, Alabama, and also chairman of MSCI.
"This is not the time to tip the balance in a negative way by going back to the much higher tax rates and rules of a decade ago. Raising taxes now would be like kicking Americans when they are down. That would be bad for every American, not just the wealthiest, and it could have ruinous consequences for a weak economy," added Jones.
"MSCI's positions are always consistent with our pro-business, pro-manufacturing point of view," said M. Robert Weidner, III, MSCI's president and CEO. "The well-being of the metals industry is central to the well-being of our economy as a whole. Company after company in our industry, be they producers of steel, stainless and aluminum or distributors and first-stage fabricators, report an environment of precarious economic recovery."