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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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.@markets: The Biggest Challenges Facing the Next Treasury Secretary https://t.co/JTpOk208yU

08/29/2016

.@AccountingToday: Republicans Protest Proposed Debt-Equity Tax Rules https://t.co/vVWCfJnW7D

08/29/2016

.@TaxNews1: Republicans Renew Opposition To Section 385 Regs https://t.co/cDJPtrE8uJ

08/29/2016

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., 08/29/2016
E.g., 08/29/2016
Press Release

The U.S. Chamber of Commerce and the Texas Association of Business today filed a legal challenge to the IRS’s immediately effective Multiple Acquisition Rule, which attempts to prevent certain corporate mergers that are otherwise permitted under the inversion rules under Section 7874 of the Internal Revenue Code.

Thursday, August 4, 2016 - 1:15pm
Letter

This letter supporting H.R. 4943, the "Tribal Tax and Investment Reform Act of 2016,” was sent to Reps. Kind and Lynn Jenkins, as well as all members of the Committees on Ways and Means and Education and the Workforce.

Monday, July 11, 2016 - 2:00pm
Comment

The U.S. Chamber submitted detailed written comments on the Treasury Department’s proposed debt-equity regulations under Section 385 (REG-108060-15). The Chamber strongly urges withdrawal of these proposed regulations in favor of guidance more carefully targeted at clearly abusive situations. If these proposed rules are not withdrawn, numerous revisions should be made to the regulations as currently proposed, including delaying the effective dates.

Wednesday, July 6, 2016 - 1:15pm
Litigation Update

Joined by the National Association of Manufacturers, the U.S. Chamber filed an amicus brief in support of a petition for certiorari that seeks review of a California Supreme Court decision concerning the enforceability of the Multistate Tax Compact.

Thursday, June 30, 2016 - 6:00pm
Press Release

WASHINGTON, D.C.—U.S. Chamber of Commerce Executive Vice President for Government Affairs Bruce Josten released the following statement today welcoming House Ways and Means Committee Chairman Kevin Brady’s efforts to reform the federal tax system:

“We strongly commend Chairman Brady and his Ways and Means Committee colleagues for their work embodied in the recently released draft proposal substantially advancing the debate on comprehensive tax reform.

Friday, June 24, 2016 - 11:00am
Letter

This Key Vote Alert! letter was sent to the members of the U.S. House of Representatives in support of H.R. 5053, the “Preventing IRS Abuse and Protecting Free Speech Act.”

Tuesday, June 14, 2016 - 9:45am