When President Barack Obama released his $4 trillion budget plan this month, he called for an end to what he described as “mindless austerity” in federal spending.
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.
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.
To learn more, visit FairReform.com.
The latest updates across all U.S. Chamber properties
The America’s Small Business Tax Relief Act of 2015 that passed the House of Representatives today would raise the level of property that can be expensed annually from $25,000 to $500,000.
This Key Vote Alert! letter was sent to all members of the House in support of H.R. 636, the “America’s Small Business Tax Relief Act of 2015.”
WASHINGTON, D.C.—U.S. Chamber of Commerce Chief Economist Dr. Martin Regalia issued the following statement today on President Obama’s 2016 budget:
The tax is hurting job creation and impeding investment in future innovation.
A truly strong economy is the key to an economically prospering middle class, and here the verdict truly is clear – the President’s policies have not produced.
WASHINGTON, D.C.—U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement in advance of President Obama’s State of the Union Address:
“President Obama’s plan to dramatically increase taxes, spending, and regulation is the wrong prescription for the economy. It will slow economic growth and job creation, stifle innovation, and worsen our nation’s debt and entitlement crises.
At the outset of the new year, our economy is showing some encouraging signs of life. Now we need to build momentum for long-term growth.
What policies do the U.S. Chamber think are needed for stronger and deeper economic growth?
Dana Milbank made things interesting after the State of American Business Address.