U.S. Chamber Applauds House Passage of Tax Agreement

WASHINGTON, D.C. - The United States Chamber of Commerce welcomed the tax conference report passed today by the U.S. House of Representatives that held the line on offsetting tax hikes, which would have undermined the goal of economic growth and job creation.

"Job creation is our first priority and this measure meets the critical threshold to get the economy growing faster," said Thomas Donohue, Chamber President and CEO. "Now the Senate must follow the House lead to help businesses invest in the future."

Recent economic reports have shown that the economy is growing well below its potential. Putting more disposable income in the hands of consumers while opening new windows of opportunity for businesses to invest will have the greatest positive impact on the economy.

The Chamber continually fought for the biggest jobs and growth package possible in the current political climate, especially in the areas of accelerating individual income tax rate reductions already passed by Congress, increasing small business expensing, providing larger first-year depreciation for all firms, and reducing the double taxation of dividends. The Chamber also fought against offsetting tax increases on the business community that were proposed in the Senate.

The final package included all the major elements of the President's proposal, and although some of the tax cuts will sunset earlier than originally proposed by the Administration, this tax package actually increases the tax relief coming in the first two years.

"These ingredients will help our economy and job market achieve solid, long-term growth," Donohue concluded.

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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