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Taxes

Our tax code is a drag on growth, wages, and global competitiveness. U.S. businesses will increasingly struggle to compete around the world and remain strong at home if we don’t modernize our antiquated and complex tax code. The Chamber is fighting for a smarter, streamlined tax system allowing taxpayers to make smarter decisions about how they work, save, and invest, and unleashing the power of American businesses—large and small—to create jobs. 

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.@DeloitteTax: Finance Committee, witnesses consider potential design issues in corporate integration plan https://t.co/AYezMJ5Gya

05/24/2016

.@DeloitteTax: Timing of international reform draft tied to GOP decisions on broader tax agenda, @Repboustany says https://t.co/jjdLrnDvYn

05/24/2016

.@StarTelegram: @NeutralPosture CEO Rebecca Boenigk: How can lawmakers help small businesses? Fix the tax code https://t.co/Nt6IAALDlg

05/24/2016

Our Position

The Chamber is committed to comprehensive reforms to the American tax system that will attract international investment, encourage innovation, foster economic growth and job creation, and increase American global competitiveness. To that end the Chamber is advancing a pro-growth tax agenda to lower tax rates for businesses and individuals alike, establish a more economically rational tax base, and simplify compliance and administration.

Our priorities include:

  • Lower Rates: Lowering the U.S. business tax rate—the highest in the advanced world—would reduce or even eliminate the competitive disadvantage American businesses face in the global economy, encourage investment from both domestic and foreign sources, and  drive job creation in the United States.
     
  • Allow capital Investment: Tax reform should eliminate the bias in the current U.S. tax system against capital investment.
     
  • Shift to Territorial System: We should replace our system of worldwide taxation with a territorial system so that businesses aren’t double-taxed on income earned overseas. This would help American companies compete globally while promoting economic growth at home.
     
  • Ensure Industry Neutrality: Tax reform legislation should ensure all industries are treated equally under the tax law, eschewing special tax benefits or penalties targeted to one industry versus another.  The reformed tax code should allow the marketplace, not the tax system, to allocate capital and resources.
     
  • Set Clear Rules of the Road: Tax rules should be simple, predictable, and easy-to-understand to improve compliance and reduce the cost of administration.
     
  • Provide a Smooth Transition: Comprehensive tax reform should include simple, realistic transition rules to provide adequate time for implementation and help minimize hardships businesses may encounter in transitioning to the new tax system.
     
  • Promote Certainty: Comprehensive tax reform changes should be made permanent to ensure certainty for businesses striving to expand, create jobs, and remain competitive in the United States and abroad.

Timeline

The latest updates across all U.S. Chamber properties

E.g., 07/01/2016
E.g., 07/01/2016
Letter

Today, the Economic Policy Division submitted the attached comment letter requesting a 90-day extension of the deadline for filing comments on REG-108060-15 (proposed Treasury regulations under section 385).

3 weeks 3 days ago
Above the Fold
Kevin Brady Tax Reform
Author: 

House Ways and Means Chairman Kevin Brady says he hopes to release a blueprint for meaningful tax reform sometime in June.

1 month 2 weeks ago
Event

In anticipation of Tax Day, Chairman Brady from the House Ways and Means Committee will give an address discussing his thoughts on comprehensive tax reform, the accomplishments of the PATH Act and how it will help Americans and business, and other topics.

1 month 2 weeks ago