WASHINGTON, D.C.—The U.S. Chamber of Commerce today said it believes the bipartisan efforts of Senators Wyden and Gregg to begin the process to reform the tax code take steps in the right direction, addressing two major concerns in the tax code – the high marginal corporate tax rate and onerous and burdensome alternative minimum tax.
“While this is a great beginning, with tax reform the devil is always in the details,” said Dr. Martin Regalia, chief economist for the Chamber. “This proposal includes tax increases which are intended to pay for the proposal’s broad benefits but which fall disproportionately on specific sectors, industries, and income groups.”
The Chamber believes that a critical aspect of any tax reform proposal must be clear transition rules on how we get from here to there.
“We anxiously await further details from Congress on how this transition would be accomplished to ensure that the costs and benefits are synchronized,” Regalia said. “The Chamber looks forward to working with the authors of this proposal to address these issues.”
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
# # #