Last December, some 60 tax extenders expired because Congress failed to act. Another 40 provisions could suffer the same fate.
On April 1, the U.S. corporate tax rate will become the highest in the world.
The Chamber corrects some misstatements and errors in Dr. Martin Sullivan’s writing on the Chamber’s position on fundamental tax reform.
Whether supported by Republicans or Democrats, a tax targeting high-income earners is anything but fair.
These amendments punitively target businesses operating in today’s global economy.
Small businesses that operate as pass-through entities would bear a substantial portion of higher taxes.
Congress is once again gearing up for a debate on whether to extend the payroll tax cuts. Seemingly lost in all this activity is a set of tax provisions that have recently expired or will expire by year’s end.
Walter Galvin, vice chairman of Emerson, had a good op-ed in Investor’s Business Daily this morning complimenting Ways & Means Chairman Dave Camp’s recently released discussion draft suggesting a shift to a territorial tax system. Galvin writes that “it’s no secret that America is losing its compe
Today, the Financial Times featured a great article demonstrating the challenges American worldwide companies face as they try and compete in a global economy. In it, Muhtar Kent, Coca-Cola’s chief executive, states that the United States, as a result of political gridlock and an antiquated tax
Motley Crüe once said “it’s the same ol’, same ol’, situation.” And here in Washington, it certainly seems that is the case. As the Wall Street Journal points out in an article today, once again, some familiar faces are on the chopping block to pay for the President’s most recent attempt at stim
by Caroline Harris
Today, the President spoke to Alcoa, an American manufacturer based in Iowa, about the importance of the manufacturing industry to job creation in this country. The President touted the manufacturing jobs that have been added to the employment rolls, and the fact that Alcoa has a
Treasury Secretary Geithner’s comments Wednesday indicate he was clearly absent from class when we last discussed the impact of raising taxes on successful small businesses operating as passthrough entities – S Corps, partnerships, etc. Despite extensive conversations last fall during debates ove
The Wall Street Journal has a piece out today about how higher income earners (including successful, job-creating small businesses) are shouldering a large and ever-growing share of the tax burden while the numbers of those owing no federal income tax continue to climb. Is this the “shared sacrifi
Today, a Campaign for Free Enterprise blog post wondered if raising taxes would hurt small businesses? A new study, highlighted in a Wall Street Journal blog today, highlights the impact of tax reform that results in just that – tax hikes on small businesses.
The study, by Robert Carroll and G
Today, the CFE wondered (in a blog post) if raising taxes would hurt small businesses? Kudos as always to the CFE for picking up on such an important issue, especially as we continue to ponder deficits and tax reform. A new study, highlighted in a Wall Street Journal blog today, highlights the impa
This past Friday, Laura Tyson, current professor at the Haas School of Business at the University of California, Berkeley, and former chairwoman of the Council of Economic Advisers under President Clinton, had a noteworthy article on cutting corporate taxes in the New York Times.
Tyson, ultimatel
Ok I’m going to be honest. The first thing I thought when I saw Chairman of the House Budget Committee, Congressman Paul Ryan’s budget plan, released yesterday, was Whitesnake – yes, Whitesnake, the power ballad hair band from the 80s. Yes, I said 80s – before twitter and facebook, in the da
Editor’s Note: This post by, Caroline Harris, originally appeared in ChamberPost, the official blog of the U.S. Chamber of Commerce. Harris is the U.S. Chamber of Commerce chief tax counsel and executive director of tax policy.
This morning (Friday), I was at the National Press Club to hear D
This morning, I was at the National Press Club to hear Dr. Marty Regalia, the Chamber’s Chief Economist, speak at a Tax Analyst’s Roundtable discussion titled Corporate Tax Reform: Is it in the Air?
As one can imagine, the thought of a two-hour event on tax reform on a Friday morning during Congr
What’s black and white and red all over? The President’s FY2012 budget…. It’s black and white and is certain to make businesses’ bleed red all over.
With almost a trillion and a half dollars in the next 10 years in tax increases on businesses and almost nothing in pro-growth tax benefits, the Pre
This week, the hot topic on Capitol Hill is taxes. With a bipartisan deal announced early this week to extend the tax breaks that were set to expire at the end of this year, the tone of the conversation is looking up.
The progress made this week on taxes is one of the best steps our administratio
We here at the Campaign for Free Enterprise have been educating you for a while about the detrimental effects on the economy of a failure to extend the expiring 2001 and 2003 tax rates and allowing taxes to increase in general, so we hope we have riled you up for action. Here’s your chance to tell C
In 29 days, Americans and small businesses face one of the largest tax hikes in American history. As this impending tax hike draws closer, we here at the Campaign for Free Enterprise want to continue to educate you on exactly what this means for you and your business. Here’s a link to our firs
In 43 days, Americans and small businesses face one of the largest tax hikes in American history. As this impending tax hike draws closer, we here at the Campaign for Free Enterprise want to continue to educate you on exactly what this means for you and your business. Here’s a link to our first po
In 44 days, Americans and small businesses face one of the largest tax hikes in American history. As this impending tax hike draws closer, we here at the Campaign for Free Enterprise want to continue to educate you on exactly what this means for you and your business. Here’s a link to our first po
In 52 days, Americans and small businesses face one of the largest tax hikes in history. As this impending tax hike draws closer, we here at the Campaign for Free Enterprise want to make sure you understand exactly what this means for you and your business. So here’s our first post – reminding you
Below is an interesting excerpt from Inc.com on the impending 2001 and 2003 tax hikes. Inc. makes some good points:
With the prospect of higher taxes looming in the air, uncertainty spells paralysis. Wondering if taxes will raise or remain the same leaves consumers and business owners hesitant to t
Despite the economic damage attributable to increasing taxes on high-income earners and our successful small businesses, some still oppose extending current tax rates for these taxpayers because it’s only “fair” that those with higher incomes should pay their fair share.
However, if we take a m
Dear Congress and Mr. President:
America is tired. We can’t take anymore bad news. We are as depressed as our economy. Americans are tired of losing our jobs, of slow housing markets, and credit shortages. Americans embraced hope and change. We embraced your promise for a better tomorrow. And you
The American Council for Capital Formation posted a study yesterday by Allen Sinai, Decision Economics that looked at the macroeconomic effects of changes in capital gains tax rates for individuals. Several of the conclusions suggested by the results of their modeling were:
Very high, or very low,
As the clock ticks down to December 31st and the impending 2001 and 2003 tax hikes inch ever closer, let’s take a look at some frequently asked questions (FAQs) about how small businesses, our nation’s jobs creators, are really impacted by these tax increases.
FAQ: Are small businesses really goi
It’s hard to believe Labor Day has come and gone. The end of 2010 is fast approaching. And Congress has yet to address the impending expiration of the 2001 and 2003 tax cuts. Things like marginal tax rates and taxes on capital gains and dividends hang in limbo, the uncertainty of what they will b
If Congress does not act, in 2011:
The top marginal income tax rates will increase to 36% and 39.6%, an increase of 9% and 13% on our most successful small businesses who pay taxes at individual marginal tax rates.
In addition to the increases in the top two marginal tax rates, Pease and PEP will r
The economy still fighting its way out of recession. If Congress wants to stimulate economic growth, studies show that tax cuts are a much more powerful stimulant than direct government spending. Further, lower tax rates provide important economic benefits.
Christina Romer, Obama’s own former econo
In 2001 and 2003, several tax cuts, commonly referred to as the Bush tax cuts, were enacted. These provisions are scheduled to automatically sunset at the end of 2010.
Without Congressional action, on January 1, 2011, the following tax increases will occur:
-- Marginal tax rates will increase:
The
Today I have a commentary on the Capital Business section of the Washington Post:
[I]f Congress does not act, on Jan. 1, Americans will face the biggest tax hike in history. Marginal income tax rates will increase for every taxpayer. The capital gains tax rate will climb 33 percent. Dividend rates
From the San Francisco Chronicle:
Taxpayers don't look at taxes the way the people who spend the tax money do. Take the battle over the extension of the "Bush tax cuts." Americans to Washington: They were tax cuts in 2001 and 2003. If Washington allows all or parts of the "Bush tax cuts" to expire
Bill Miller emails: "On January 1, 2011, Americans will face the biggest tax hike in history." IBD breaks it down:
The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. A
Marty Robins had a great op-ed the other day on AOL News. It highlighted the fact that the current Administration's policies are discouraging the risk-taking, investing and entrepreneurial activity that is needed to fuel job creation, and may well be depriving the government of revenue by suppressi
According to the Small Business Administration, small firms:
Represent 99.7 percent of all employer firms;
Employ just over half of all private sector employees;
Pay 44 percent of total U.S. private payroll; and
Have generated 64 percent of net new jobs over the past 15 years.
So how do we rew
Michael Boskin has a great op/ed in the Wall Street Journal today on tax reform in general with an added focus on corporate taxation. Really the sub-head says it all:
Nobel Laureate Robert Lucas says reform would deliver great benefits at little cost, making it "the largest genuinely true free lu
The Federal Government continues to look at increasing business taxes to fund its increasing spending. The Chamber's Bruce Josten cautioned policy makers about this strategy yesterday in this letter. Some selections:
The Chamber urges Congress to reject repealing provisions of the international ta
U.S. Chamber president Tom Donohue has a post running on RealClearPolitics regarding President Obama's recent proposal to increase taxes on the foreign earnings of U.S. corporations. As Donohue notes this "ironically would jeopardize his own plans to revitalize our slumping economy and put struggl
Today’s Washington Post op-ed by Geoff Colvin does a great job of highlighting some of the flaws with the Administration’s tax proposals. And, rightfully, wonders aloud how levying billions of new taxes on worldwide American businesses helps achieve the President’s objective of creating millions of
Here is a great two minute segment from the Tax Foundation explaining tax deferral:
