Taxes

Policy Accomplishments for 2011

Successfully advocated to defeat S. 1660, S. 1723, S. 1769, and S. 1917, bills which would have levied a permanent surtax on hundreds of thousands of small business owners and operators and almost half of all pass-through income, to pay for unproven temporary tax incentives.

Successfully advocated to defeat S. 1660, S. 1723, S. 1769, and S. 1917, each of which would have levied a permanent surtax on individuals earning more than $1 million, to pay for a temporary extension of the payroll tax holiday. The payroll tax holiday has not been demonstrated to create permanent new jobs and is not the type of policy that can be expected to have an immediate and large effect on GDP. Further, as the U.S. economy remains mired in a period of slow growth, it is not sound economic policy to pay for temporary tax incentives with permanent tax increases on private sector job creators and investors. The Chamber will continue to vigorously oppose temporary, unproven tax incentives that are paid for with permanent tax increases on hundreds of thousands of small business owners and operators and almost half of all pass-through income.

Tax Hike on Oil and Gas Companies

Successfully advocated to prevent passage of S. 940, a bill to impose punitive tax hikes on major integrated oil companies. Levying new taxes and fees on America’s oil and gas industry would increase U.S. dependence on foreign oil, increase costs to consumers, jeopardize U.S. jobs, and erode economic competitiveness. The Chamber strongly opposes targeting specific industries to offset or pay for tax incentives or deficit reduction.

House Fiscal Year 2012 Budget

Succeeded in advocating for House passage of Rep. Ryan’s (R-WI) FY 2012 budget package. The House-passed budget blueprint provides a pathway for reforming a broken tax system to make America more competitive and confronts the escalating entitlement costs, which are drivers of the nation’s debt, thereby avoiding a massive tax increase.

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