The U.S. Chamber of Commerce led 492 state and local chambers of commerce and national trade associations—representing all 50 states—in calling on Congress to adopt a current-policy baseline in its budget resolution to extend the temporary provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and deliver permanent tax relief to American families and employers.
“As lawmakers contemplate advancing tax reform legislation through budget reconciliation this year, the importance of adopting the appropriate budget baseline cannot be overstated. We believe it is imperative that Congress adopt a current-policy baseline,” wrote the cosigners. “Adopting a current-policy baseline would avoid a $4 trillion dollar tax increase on American families and employers by creating a pathway for Congress to make the TCJA permanent. Doing so would provide businesses the certainty and stability they need to make the long-term investments that drive growth, accelerate productivity, and increase prosperity across all segments of the economy.”
This letter is the latest effort in the Chamber’s comprehensive education and advocacy campaign to maintain a pro-growth tax code that fosters a robust economy and benefits all Americans. Through data, policy recommendations, polling, first-hand business stories, in-district roundtables with members of Congress, and research, the Chamber is urging lawmakers to promote economic growth and prevent tax increases as a top priority this year.
“Yesterday’s vote represents a significant milestone in Congress’s effort to extend the competitive, pro-growth tax reforms that have enabled American businesses, workers, and families to prosper. As the process moves forward, however, we continue to urge lawmakers in both chambers to recognize the importance of adopting a current-policy baseline, which would give them a real chance to deliver permanent tax relief to American families and employers,” said Neil Bradley, Executive Vice President, and Chief Policy Officer at the U.S. Chamber of Commerce. “Thoughtful tax policy drives economic growth while improving fiscal responsibility. Lawmakers have the procedural tool at their disposal to do both—now is the time to use it.”
Read more from the Chamber on why it’s imperative that Congress adopt a current-policy baseline.
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