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Here’s what the U.S. Chamber thinks tax reform could mean for the American economy:
#1 Lower rates for all businesses
America’s businesses face some of the highest marginal rates in the world. While other countries are slashing rates, we are falling behind simply by standing still.
#2 An internationally competitive system
We are the last member of the major industrialized OECD countries to cling to an anti-competitive worldwide system of taxation.
#3 Faster cost recovery
Let businesses write off their investments more quickly so they can focus on doing what they do best: drive economic growth and job creation.
#4 Reduce investment taxes
Taxes on investment income and capital gains drive up the cost of capital, thereby reducing the amount of capital productively employed, productivity, wage gains, and international competitiveness.
Businesses need see less complex tax rules to reduce compliance costs.
#6 Transition rules
Tax reform should include effective transition rules to provide adequate time for implementation of any new system of taxation and to help minimize economic hardships that businesses may encounter in moving to a new tax system.
To have the most pro-growth impact, tax reform should be permanent to allow businesses to expand, create jobs, and remain competitive in the United States and abroad.