Letter on the "Family and Business Tax Cut Certainty Act of 2012"

The Honorable Max Baucus
Chairman
Committee on Finance
United States Senate
Washington, DC 20510

The Honorable Orrin Hatch
Ranking Member
Committee on Finance
United States Senate
Washington, DC 20510

Dear Chairman Baucus and Ranking Member Hatch:

The U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses and organizations of every size, sector, and region, strongly supports the Chairman’s modification to the proposals of the “Family and Business Tax Cut Certainty Act of 2012,” which would prevent onerous tax increases on American families and businesses and reduce the tax uncertainty plaguing the business community.

U.S. businesses and individual taxpayers face major tax increases absent congressional action, in part because tax provisions such as AMT relief, R&D credit, and the active financing exception either expired at the end of 2011 or are expected to expire at the end of 2012. The extension of these provisions would bring more certainty in U.S. tax law, foster more effective business decisions, and help spur capital investment and job creation.

While the Chamber supports swift passage of the “Family and Business Tax Cut Certainty Act of 2012,” much more work remains to be done by this Congress and the Administration. Congress must act expeditiously to extend all of the 2001 and 2003 rates and find spending cuts to replace a sequestration never intended to go into effect.

Immediate action on the impending fiscal cliff is not a substitute for long term reforms. The Chamber urges the House and Senate to firmly commit to tackling comprehensive tax reform and fundamental spending reforms in the next Congress.

The Chamber urges you to support the Chairman’s modification to the proposals of the “Family and Business Tax Cut Certainty Act of 2012,” which would prevent tax increases on American families and businesses and reduce tax uncertainty that stifles economic growth.

Sincerely,

R. Bruce Josten

cc: The Members of the Senate Committee on Finance