Jobs Agenda: Economy and Taxes
The U.S. Chamber is committed to pro-growth tax policies that preserve America’s global competitiveness, and it opposes tax increases that reduce businesses’ ability to grow, invest, and create jobs. The Chamber believes that any tax reform should enable businesses to compete globally, attract foreign investment, increase capital for investment, and drive job creation.
The Facts
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Small business owners—including taxpayers earning more than $250,000 (married) and $200,000 (single)—would see their taxes increase by more than $1 trillion over 10 years under President Obama’s FY12 budget proposal. The administration’s plan would:
- Reinstate the 36% and 39.6% individual income tax rates.
- Reinstate the personal exemption phaseout and limitations on itemized deductions.
- Impose a 20% rate on capital gains and dividends.
- Limit the tax rate at which itemized deductions reduce tax liability.
- Extend the estate, gift and generation-skipping transfer taxes at their 2009 levels (i.e., $3.5 million exemption and top rate of 45%).
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In addition to tax increases on small business, the Obama budget proposes almost another half trillion over 10 years of new taxes on American businesses.
- This includes $129 billion over 10 years on American companies operating globally by changing the deferral regime and the foreign tax credit rules, both of which currently keep American companies competitive in the face of double taxation.
- Businesses would face tax increases from, for example, the repeal of the last-in, firstout (LIFO) accounting method and punitive taxes on the oil and gas and coal industries.
The U.S. Chamber’s Pro-Growth Tax Agenda
The Chamber urges Congress and the administration to enact a pro-growth tax agenda that brings rates in line with global competitors and makes compliance simpler.
- Permanently extend all of the 2001 and 2003 tax cuts.
- Eliminate—or substantially reform—the alternative minimum tax (AMT) to protect a growing number of individuals and businesses, including many middle class Americans.
- Enact comprehensive tax reform that fosters job growth, competitiveness, and innovation.
- Reduce the budget deficit through higher economic growth, spending restraint, and entitlement reform—not higher taxes.
Learn more about potential tax reform
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