More than 500 state and local chambers of commerce and other business associations joined the U.S. Chamber on Thursday to call on Congress and the next administration to protect families and businesses from a pending tax increase.
The U.S. Chamber said absent congressional action, American families, workers and businesses will feel the effects of tax increases that will come when current tax cuts implemented in 2018 expire. The coalition said Congress and the administration needs to protect American paychecks and pursue a pro-growth agenda to foster capital investment, job creation and higher wages.
“While the impact of a massive tax increase on individual Americans is clear, it is critical for policymakers to understand that the expiration of many pro-growth business tax reforms from the 2017 Tax Cuts and Jobs Act (TCJA) also will dramatically increase costs for families and customers, harm main street businesses, reduce take-home pay for workers, and result in the loss of innovation and American jobs,” Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce, said. “Pro-growth tax policy doesn’t just grow the overall U.S. economy; it raises wages for American workers and improves standards of living. Maintaining and improving pro-growth tax policy ensures that the U.S. remains globally competitive, retaining and attracting businesses, jobs, investment, and innovation here at home.”
The Chamber outlined its Growth and Opportunity Imperative for America which includes a series of recommendations to help the country reach a goal of 3 percent real economic growth. The Chamber also said its polling found that a majority (80 percent) of voters are concerned that increasing taxes would result in higher prices and 93 percent believe American families and businesses are paying enough already.