Page 21 - The South China Business Journal

D.C. TODAY
TAX BILL

WILL GROW

ECONOMY, America. The most comprehensive tax reform • Maintaining a Competitive U.S. International Tax
legislation since 1986, TCJA signi昀椀cantly reduced
System: Pursue comprehensive, industry-neutral
and simpli昀椀ed the federal income tax burden for solutions to maintain a pro-growth and globally
competitive U.S. business tax system for both
HELP American families and workers and modernized U.S. companies operating abroad and foreign
the taxation of business income.
companies investing in the United States.
WORKERS The U.S. Chamber led nearly 500 business What Businesses Are Saying
organizations in urging Congress to permanently
extend the TCJA pro-growth tax reforms that
help workers and businesses achieve their When Main Street businesses have a competitive
AND American dream. tax code under the Tax Cuts and Jobs Act, local
economies grow and prosper, and workers across
“Higher taxes decrease spending power, depress the country bene昀椀t from higher paychecks and
BUSINESSES wages, discourage investment in job-creating more job opportunities.
projects, and drive companies to relocate to
more competitive markets overseas, taking jobs What does a competitive tax code
and economic activity out of the U.S., Chamber
By U.S. Chamber of Commerce President and CEO Suzanne P. Clark said in her mean for small businesses?
2025 State of American Business address, as she
ompetitive, pro-growth tax policy is essential to grow the outlined what’s at stake if Congress cannot pass “For us to make an investment in robotics, for
Ceconomy and raise wages for workers. legislation to extend pro-growth tax provisions. example, as a small business, it's over a $1 million
dollar investment. That is substantial and having
The U.S. Chamber applauds the enactment of the One Big Beautiful Why It Matters a tax policy that helps us write that off quickly
Bill Act (H.R. 1), a legislative victory for economic growth, workers, and and use accelerated depreciation helps us reinvest
communities across the nation. Previously, the Chamber led a national Sixty percent of lawmakers were not in back into our organization.”
coalition of associations and state and local chambers—representing of昀椀ce when Republicans passed the 2017 Tax
hundreds of thousands of employers across the country—in urging Cuts and Jobs Act, and it’s critical that they — Natalie Kaddas, CEO of Kaddas Enterprises, a
Congress to pass the bill. plastic fabrication company in Salt Lake City, Utah
understand what these policies will mean for
the people they represent. That’s why the
“The Chamber has long championed the importance of a stable Chamber has been educating policymakers Why should Congress extend the 2017
and globally competitive tax code. From Capitol Hill to Main Streets through a rigorous campaign leveraging policy Tax Cuts and Jobs Act?
across America, this legislation re昀氀ects the shared commitment of the recommendations, polling, 昀椀rst-hand business
lawmakers, business leaders, and communities that came together to stories, and research, together with the support of
achieve this goal," said U.S. Chamber of Commerce President and CEO over 500 business voices. “I'm not concerned about competition. I'm not
Suzanne P. Clark. as concerned about the economy; I'm concerned
about government regulation and overtaxing.
As part of the Chamber’s Growth and Opportunity Because when they take that kind of tax cut
“The One Big Beautiful Bill represents the kind of forward-looking, Imperative for America, we call on policymakers away from us, it will substantially decrease our
pro-growth policy that is vital to maintaining America's prosperity and to support pro-growth tax policies that will help
The One Big Beautiful competitive edge," continued Clark. "We thank every lawmaker who ability to grow,”
cast a vote for America’s future, and we applaud President Trump's achieve the goal of at least 3% economic growth
Bill Act will boost leadership in ensuring this historic legislation became law.” annually, creating opportunities for American —Larry Kidd, president and CEO of :hire, a staf昀椀ng
workers and businesses to grow and thrive.
economic growth across agency in Columbus, Ohio
With the bill’s enactment, lawmakers have advanced growth-oriented
America, creating tax policies and avoided one of the largest tax increases in American To get there, we are advocating for Congress to What is the 20% deduction for pass-
focus on:
history, which would have occurred when key provisions of the 2017 through businesses, and why is it
more job opportunities Tax Cuts and Jobs Act (TCJA) were to expire at the end of 2025. • Preserving Competitive Business Tax important?
and putting bigger Rates: Maintain our globally competitive 21%
The Chamber worked with policymakers to enact this competitive, pro- corporate income tax rate and permanently
paychecks in the hands growth tax code that will unleash American innovation and investment extend the 20% deduction for pass-through “We work as part of a supply chain that supplies
and positively impact workers, businesses, and communities across larger manufacturers in Minnesota and some other
of workers nationwide. the country. Notably, the Chamber hosted more than three dozen tax business income (section 199A). states throughout the country. It's a mix of small
roundtables with state and local chambers this year. • Restoring a Pro-Growth Business Tax businesses and large businesses working together
to create a supply chain. So, I know that for many
Base: Reform our business tax base to allow a of my customers and suppliers that the 20% pass-
The Merits of the 2017 Tax Cuts and Jobs Act deduction for research and development (R&D) through tax deduction really made a difference.”
expenses, full capital expensing for certain
The Tax Cuts and Jobs Act empowers local businesses, fostering business assets, and a growth-oriented interest — Traci Tapani, co-president of sheet metal workshop
economic growth and creating job opportunities in communities across deductibility limitation. Wyoming Machine Inc. in Stacy, Minnesota

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