Tax Bill's U.S. Chamber-Backed Provisions Support Savings & Investment

WASHINGTON, DC – The U.S. Chamber of Commerce said today a number of important Chamber-backed pro-business provisions promoting savings and investment for companies of all sizes were included in a House-Senate compromise tax bill finished late Tuesday night.

Among the tax cuts the Chamber supports that were included in the bill: a phased-in repeal of the estate and gift tax; a five-year extension of the Research and Experimentation Tax Credit; repeal of the "temporary" unemployment surcharge known as the FUTA tax; 100% deductibility of health care costs for the self-employed; increased equipment expensing for small business; and expansion of pension and retirement savings benefits.

"The tax cuts the Chamber supports in this bill encourage saving and investment – the kind of tax cuts that contribute to long-term non-inflationary growth and an increased standard of living," said Chamber Executive Vice President Bruce Josten.

He contrasted the Chamber-backed provisions with other, more costly consumption-oriented provisions. "The Chamber-backed tax cuts represent an investment in America's future," he said.

Josten pledged that the Chamber would continue to work toward preserving those tax cuts as the bill continues through the legislative process. He also noted that federal tax revenues are at their highest level relative to GDP since World War II, while the federal government is running a huge surplus.

"In an era of huge billion dollar surpluses, it's time to return some of the surplus back to those who created it – the businesses and entrepreneurs who are the driving force behind America's economic engine," Josten said.

The U.S. Chamber of Commerce is the world's largest business federation, representing more than three million businesses and organizations of every size, sector, and region.

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