More than 500 industry groups issued a collective warning Thursday, urging the next Congress and administration to avoid enacting what would be the largest tax hikes in U.S. history.
Potential tax increases could come when the Trump administration's Tax Cuts and Jobs Act of 2017 (TCJA) expires at the end of 2025, letter The coalition stressed that allowing these provisions to lapse would slow economic growth, increase household expenses, hurt small businesses, reduce take-home pay for workers and lead to widespread unemployment – outcomes it considers “unacceptable and entirely avoidable.”
“Unless Congress acts, by the end of 2025, American families and employers will be hit with the largest tax increases in American history,” the letter reads.
“We call on the next Congress and Administration to commit to action to advance pro-growth policies and prevent tax hikes on American families and businesses,” the letter continues. “By preserving our pro-growth tax system, we will continue to build a strong economy that benefits all Americans and ensure our nation remains a leader in global competitiveness and economic opportunity.”
Focus on growth and prevent tax increases.
That's the message from more than 500 chambers of commerce and associations across the country, as they call on the next Congress and Administration to block tax hikes that would hurt American families and businesses and instead pursue… pic.twitter.com/sPr3HpBDXD
— U.S. Chamber of Commerce (@USChamber) September 12, 2024
President Donald Trump signed the TCJA on January 1, 2018, implementing tax cuts including a flat corporate tax rate of 21%, reduced income taxes, and increased the standard deduction. According to Go to Investopedia.
“While the impact of large tax hikes on individual Americans is clear, it is critical that policymakers understand that the expiration of many of the pro-growth corporate tax reforms from the Tax Cuts and Jobs Act of 2017 (TCJA) will dramatically increase costs for families and customers, hurt Main Street businesses, reduce take-home pay for workers, and undermine innovation and American jobs,” said Neil Bradley, vice president and chief policy officer at the U.S. Chamber of Commerce. statement.
According to the letter, signatories included such prominent organizations as the American Aviation Association, the National Builders Association, the American Hospital Federation, the Food Industry Association, the Mortgage Bankers Association, the National Association of Wholesale Distributors, the Securities Industry Association and the U.S. Chamber of Commerce, as well as numerous national and local trade associations.
As the November election approaches, former President Trump and Vice President Kamala Harris have outlined a tax plan that would raise the corporate tax rate from 21% to 28%, as well as roll back some of the tax cuts enacted under the Trump administration. According to To the Tax Foundation. (Related: 'A colossal waste': Biden-Harris administration plans to impose new taxes on American companies)
Meanwhile, Trump T.C.J.A. Aiming to further reduce the corporate tax rate to 15% According to To the Tax Foundation.
The U.S. Chamber of Commerce did not immediately respond to a request for comment from the Daily Caller News Foundation.
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