Chamber of Commerce releases tax policy priorities ahead of election

Published On Aug 29, 2024, 2:00 AM

The U.S. Chamber of Commerce has called for maintaining pro-growth tax policies to ensure economic competitiveness as Congress faces discussions over tax reforms and the expiration of the 2017 Tax Cuts and Jobs Act. The Chamber advocates for preserving the current 21% corporate tax rate, promoting tax deductions for R&D, and maintaining a competitive international tax system. They assert that increasing corporate taxes would ultimately burden consumers with higher prices and impact workers through lower wages. Their goal is to achieve at least 3% annual economic growth, which they argue is crucial for improving living standards and overall economic health.