President Signs U.S. Chamber-Supported Tax Package
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Due in part to a strong lobbying and grassroots campaign orchestrated by the U.S. Chamber, President Obama has signed into law a comprehensive tax package that will stop the job-killing tax hikes scheduled for January 1, 2011.
“This legislation will help ease the uncertainty that is preventing employers from hiring, investing, and growing their businesses,” said Chamber Executive Vice President for Government Affairs Bruce Josten.
The package extends all marginal income tax rates and several business tax incentives, including the R&D credit, for two years; cuts employees’ payroll taxes by 2 percentage points in 2011; allows businesses to write off the entire value of their capital investments in 2011; and cuts the estate tax rate to 35%, with an exemption for inheritances up to $5 million for individuals and $10 million for couples.
Over the course of months, the Chamber generated more than 200,000 letters to Congress urging lawmakers to extend the 2001 and 2003 tax rates. By comparison, the U.S. Chamber network generated 40,000 Congressional contacts in all of 2008. The Chamber also led small business owners to Capitol Hill to lobby their representatives on the tax bill, and Chamber staff appeared regularly in the media to make the case for an extension of the tax rates.