This letter was sent to the U.S. Congress supporting H.R. 6760, which would make the individual tax cuts and pass-through rates in the Tax Cuts and Jobs Act permanent.
September 25, 2018
TO THE MEMBERS OF THE UNITED STATES HOUSE OF REPRESENTATIVES:
The U.S. Chamber of Commerce urges the House of Representatives to make the individual tax cuts and pass-through rates in the Tax Cuts and Jobs Act (Public Law 115-97) permanent and supports H.R. 6760, the “Protecting Family and Small Business Tax Cuts Act of 2018,” which would achieve this important goal.
Since enactment of the Tax Cuts and Jobs Act, hundreds of thousands of jobs have been created, and workers and their families have benefited from bonuses, pay raises, and increased benefits because of tax reform. Small business optimism is at an all-time high according to the MetLife and U.S. Chamber Small Business Index. Due to economic growth stimulated by the new tax law, unemployment is at a record low and businesses everywhere are looking for qualified workers. In addition, American workers are seeing wages rise – according to the Department of Treasury, 90 percent have seen an increase in their take-home pay.
Making the individual tax cuts and pass-through rates in the Tax Cuts and Jobs Act permanent will provide certainty to small businesses who are creating new jobs, raising wages, and helping boost long-run GDP. The Tax Foundation estimates that, if extended, these provisions would increase long-run GDP by 2.2 percent, long-run wages by 0.9 percent, and add 1.5 million full-time equivalent jobs.
The Chamber applauds the House of Representatives for continuing their commitment to ensuring our tax code remains the most competitive in the world. We urge the House to increase the positive impact of tax reform and support efforts to make the individual tax cuts and pass-through rates in the Tax Cuts and Jobs Act permanent.
Neil L. Bradley