U.S. Chamber Celebrates Historic Tax Reform and Says Farewell to the Old Tax Code

Tuesday, April 17, 2018 - 1:15pm

Sen. Pat Toomey, Business Leaders Highlight How the New, Pro-Growth Tax Code is Improving U.S. Lives

WASHINGTON, D.C. — The U.S. Chamber of Commerce today hosted “Tax Cuts at Work,” a tax day event celebrating the end of the old, outdated tax code and the benefits the new, pro-growth tax code brings to American workers, businesses, and families.

“From the day the law was enacted, the ‘Tax Cuts and Jobs Act’ has shown that pro-growth tax reform is the right fuel for the American economy,” said U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley. “Across the country businesses of all sizes are announcing new investments in their communities, and families are enjoying larger paychecks. But the good news doesn’t stop there. After today, the old tax code will be a thing of the past; next year, families and businesses will file their taxes under the new, simple, pro-growth tax code. Today is the start of a new era of simplicity, optimism, and growth for all Americans.”

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Neil Bradley (L) and Sen. Pat Toomey (R) discuss the "Tax Cuts and Jobs Act"

The event featured a discussion between Neil Bradley and Senator Pat Toomey (R-PA), a member of the Senate Finance Committee who was instrumental in passing last year’s tax reform legislation. Sen. Toomey shared with the audience his role in achieving historic, pro-growth tax reform as well as the benefits Pennsylvania families and businesses are receiving as a result of tax reform.

“Tax reform was all about getting the right policies in place to help boost long-term U.S. economic growth, and these policies are already having a positive effect in my home state,” said Senator Pat Toomey (R-PA). “I recently spoke with one Pennsylvania business owner who said that because of tax reform his company will invest $100 million this year to build a new steel mill, creating more jobs in the community. In the months to come, people across the country will continue to see the benefits of tax reform as they receive bigger paychecks and experience a higher standard of living.”

U.S. Chamber Vice President for Tax Policy and Economic Development Caroline Harris also led a panel discussion with business leaders who shared stories about how they are investing tax reform savings back into their workers, businesses, and communities. The business leaders shared that tax reform is enabling them to improve U.S. lives by creating jobs, spurring investment, and growing paychecks.

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U.S. Chamber tax benefits map

On display was the U.S. Chamber’s interactive tax reform benefits map, showing the states and communities where businesses have announced they are investing back into their companies, rewarding their employees, and hiring more American workers because of pro-growth tax reform. Business leaders were also encouraged to share their own stories. The U.S. Chamber continues to update the map as businesses announce how they are responding to tax reform.

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.