Business Community to Congress: Move Quickly on Tax Reform

Wednesday, June 28, 2017 - 2:30pm

U.S. Chamber, Business Roundtable, NAM, and NFIB Ask Congressional Leadership to Focus FY2018 Budget Resolution on Tax Reform

WASHINGTON, D.C. — The nation’s top business organizations urged Congress to reach common agreement on a tax reform plan and move quickly on legislation in a letter sent today to Congressional leadership. The business groups said that no other reforms under consideration in Congress are as important as pro-growth comprehensive tax reform. 

The U.S. Chamber of Commerce, Business Roundtable, National Association of Manufactures, and the National Federation of Independent Business wrote, in part:

“In the short-term, we urge you to press forward with the adoption of a Fiscal Year 2018 concurrent budget resolution including reconciliation instructions that would aid the swift passage of comprehensive, pro-growth tax reform. We understand that the Senate is actively considering health care legislation, but it is important that the House start the budget process now, so that reconciliation instructions will be available to move tax reform legislation expediently.”   

“The federal tax code has weighed America down for far too long. You now have a once-in-a-generation opportunity to substantially improve America’s economy, but accomplishing this task may well require the special legislative procedures attendant to a budget resolution’s reconciliation instructions.”

“We understand the competing priorities inherent in the FY 2018 budget resolution process, several with laudable purposes which we support. We urge careful consideration of these matters to ensure that the timely passage of the budget resolution with tax reform reconciliation instructions is not threatened. In our view, given the historic opportunity before Congress, no other reforms under consideration rise to the importance of pro-growth, comprehensive tax reform.”

The full letter can be found here.

About Business Roundtable
Business Roundtable CEO members lead companies with nearly 15 million employees and more than $6 trillion in annual revenues. The combined market capitalization of Business Roundtable member companies is the equivalent of nearly one-quarter of total U.S. stock market capitalization, and Business Roundtable members invest more than $100 billion annually in research and development — equal to 30 percent of U.S. private R&D spending. Our companies pay over $220 billion in dividends to shareholders and generate more than $400 billion in revenues for small and medium-sized businesses annually. Business Roundtable companies also make more than $7 billion a year in charitable contributions.

About The National Association of Manufacturers
The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.17 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States.

About the National Federation of Independent Business
The National Federation of Independent Business is the country’s leading advocate for small business owners, with offices in every state capital and Washington, D.C.

About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.