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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.@USChamber's Foster: Even the French Get It on #Tax Reform
https://t.co/ZLdxNnTlG4 https://t.co/Q7pCAnlwkX

04/26/2017

.@USChamber: 10 Things That Have Dramatically Changed Since The Last Time We Reformed The #Tax Code
https://t.co/zzaM1IdNOt

04/19/2017

.@USChamber's Foster: #Tax Reform Could Be An Answer To The Fiscal Nightmare Left By Obama https://t.co/yDLAPXGGYu

04/18/2017

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., 04/26/2017
E.g., 04/26/2017
Above the Fold
an Diego, CA, USA - October, 22, 1984; President Ronald Reagan giving a speech at a campaign rally at the San Diego County Administration building.

The tax code hasn’t been updated since President Ronald Reagan’s 1986 Tax Reform Act.

Wednesday, April 19, 2017 - 12:00pm
Above the Fold
U.S President Barack Obama shake hands with President-elect Donald Trump during the 58th presidential inauguration. Photographer: Saul Loeb/Pool via Bloomberg
Author: 

The CBO recently released its annual nail-biting review of the nation’s fiscal future under current policy. Bottom line – it still stinks.

Tuesday, April 18, 2017 - 9:30am
Press Release

CORAL GABLES, FL —U.S. Chamber of Commerce President and CEO Thomas J. Donohue today outlined the business community’s vision for pro-growth tax reform at the organization’s Spring Board of Directors meeting. The U.S. Chamber played an instrumental role in the 1986 tax reform legislation, and plans to be heavily engaged in the coming effort.

Tuesday, March 7, 2017 - 10:30am
Issue Brief
  • Tax reform legislation should lower the corporate tax rate to a level that will enable U.S. businesses to compete successfully in the global economy, attract foreign investment to the United States, increase capital for investment, and drive job creation in the United States. Congress should consider the impact of a corporate rate reduction on passthrough entities.
Friday, March 3, 2017 - 5:00pm