The Chamber of Commerce is heading into the election threatening a 2025 tax hike
American Tax Reform President Grover Norquist compares and contrasts the tax plans of Donald Trump and Kamala Harris while weighing their relative costs.
The US Chamber of Commerce recently launched a seven-person fundraising campaign in key locations and battlegrounds across the country that aims to educate voters about the implications of the election. tax policy and where the candidates are standing.
Election Day It’s almost two weeks and the Chamber’s campaign is looking to inform voters about how the outcome of different races in the country will affect the tax policy in 2025. Different tax policies affecting families and businesses are due to sunset at the end of next year, meaning Congress will be under pressure to negotiate new tax reforms to prevent automatic tax increases from taking effect.
Ashlee Rich Stephenson, senior political strategist at the Chamber of Commerce, told FOX Business in an interview that it was “very clear” that tax policy issues should be discussed “when voters and constituents are extremely sensitive and attentive,” so the group decided to launch. its tax representation during elections.
“We think it’s a very good time, especially when some people are going to make very serious decisions. In fact, whether or not to send some people back to Washington or maybe vote for others, it will be really important for our members when it comes to the final discussion about the tax right there,” he explained.
CHAMBER OF COMMERCE RELEASES KEY TAX POLICY MATTERS AHEAD OF ELECTIONS.
The next Congress will face a debate over whether to allow key tax cuts to expire at the end of 2025, which will lead to higher taxes for households and businesses. (Kevin Carter/Getty Images)
The Chamber’s voter education campaign includes ads thanking policymakers for supporting tax policies that promote growth for businesses and families and encouraging them to continue to do so. The group will be running these ads supporting 14 Republicans in House races and one Democrat, and Sen. Ted CruzR-Texas.
It also runs expensive comparison ads Sen. Jon TesterD-Mont., and two House Democrats to do more to protect families, workers and the businesses they represent from potential tax increases.
“I think it’s the right time, if you will, to get into the conversation and make sure voters know whether the candidates were on the right or wrong side of the issue,” Stephenson said.
The Chamber of Commerce uses ads supporting Sen. Ted Cruz, R-Texas, in his bid for re-election. (Chip Somodevilla/Getty Images)
CHAMBERS OF COMMERCE ARE HERE TO EXPAND TRUMP TAX CUT, AVOID ‘LARGEST TAX INCREASE IN AMERICAN HISTORY’
Neil Bradley, chief policy officer at the Chamber of Commerce, told FOX Business that while candidates may campaign on proposals that are “ambitious in nature” but don’t really have a compelling event attached to them, that’s not the case this election cycle as The next Congress faces tax policy deadlines that will force action.
“If Congress doesn’t do anything, that means there’s a $4.5 trillion automatic tax on American employers and families — the largest automatic tax increase in American history,” Bradley explained. “So the men and women who will be elected in November have no choice but to face that.”
“Now, they will have options when it comes to how they deal with it, whether they decide to maintain pro-growth tax policies that help support economic growth and rising wages, or whether they choose to allow something to expire, or worse, raise taxes on employers and investment,” Bradley said.
HARRIS CALLS TO INCREASE CORPORATE TAX RATES TO 28%
Neil Bradley of the Chamber of Commerce discusses the importance of tax policy to the business community
Among the tax policies set to expire by the end of 2025 are the 2017 tax rate cuts, as well as increases in the standard deduction and double child tax credit. The state and local tax (SALT) deduction and mortgage interest deduction should also expire, as should the reduced estate tax.
The carryforward deduction for non-incorporated businesses will also expire next year, while the Tax Cuts and Jobs Act’s provision allows businesses to operate at full capacity. expense funds on things like machinery and equipment are running out and will expire at the end of 2026.
Bradley noted that US businesses face significant uncertainty about the future tax code as they face important decisions about investments that could impact the future of their firms.
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“We have people who are making big decisions that will create job opportunities, that will grow the economy and so on, at the moment they are sitting on their hands because they don’t know what this is. political system it will – that shouldn’t happen,” said Bradley.
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