More than 500 business groups across the U.S. are calling on Congress and the next administration to keep former President Trump’s tax cuts in place, warning that allowing them to expire at the end of next year would amount to “the largest tax increase in American history.”
The U.S. Chamber of Commerce led the hundreds of local chambers and other business organizations in signing an open letter to Washington lawmakers and the next administration on Thursday, saying the 2017 tax reforms have been instrumental in driving growth in the economy — and that doing away with them would cause harm.
“While the impact of a massive tax increase on individual Americans is clear, it is critical for policymakers to understand that the expiration of many pro-growth business tax reforms from the 2017 Tax Cuts and Jobs Act (TCJA) also will dramatically increase costs for families and customers, harm main street businesses, reduce take-home pay for workers, and result in the loss of innovation and American jobs,” Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber of Commerce, said in a statement.