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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. 

Search all Taxes content

.@MarketWatch: Top House tax writer says he’s focused on impeaching code, not IRS chief https://t.co/DnQhOYBkTc

07/22/2016

.@CNBC: @RepKevinBrady: We want to make tax filing so simple that ‘it would fit on a postcard’ https://t.co/iv7oSdpuVz

07/22/2016

.@TheHill: GOP lawmaker: Tax reform will be a 'heightened topic of conversation' https://t.co/rKB4l0J2Sh

07/21/2016

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., 07/25/2016
E.g., 07/25/2016
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.

2 weeks 7 hours ago
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.

2 weeks 5 days ago
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.

1 month 1 day ago
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.”

1 month 1 week ago