More than 2,000 business voices recently called on Congress to pass a multi-year extension of expired and soon-to-expire federal tax provisions – which include many provisions vital to American businesses, workers, and the economy.
Yesterday, a writer representing one of the largest business-oriented American advocacy groups in the country reminded Congress what’s “next on the docket;” tax extenders.
“…the business community is calling on lawmakers to act with more urgency and to take tax extenders more seriously this time around. With roughly 50 provisions slated to expire again at the end of the year, the U.S. Chamber of Commerce was one of more than 2,000 business groups and companies that recently sent a letter to the House of Representatives and the Senate urging both chambers to take action quickly to seamlessly extend, enhance or make permanent the already expired and soon-to-expire tax provisions.”
The post’s author, J.D. Harrison, Senior Editor of Digital Content for the U.S. Chamber of Commerce, continued by stressing the opportunity federal lawmakers have to show Congress can get things done:
“Failure to extend these provisions is a tax increase,” reads the letter, which was organized by the Broad Tax Extenders Coalition and signed by the Chamber. “It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace. Acting promptly on this matter will provide important predictability necessary for economic growth.
In addition to the renewed sense of cooperation we have seen on the Hill, recent political developments make this an opportune moment for lawmakers to take serious, lasting action on the tax extenders. Most notably, House Republicans selected Rep. Kevin Brady (R-Texas) as Speaker Paul Ryan’s (R-Wisc.) replacement on the House Ways and Means Committee, giving the chamber’s tax-writing committee an opportunity to take a fresh look at tax extenders.”
By passing the Senate Finance Committee’s tax extenders package, which itself passed on a strong bipartisan margin of 23-3, the House can also demonstrate its ability to work across party lines and act in favor of businesses putting Americans to work and keeping the U.S. economy strong.
This sentiment was echoed in Harrison’s concluding remarks:
Hopefully, Brady and his peers in Congress will take notice and take up tax extenders legislation that provides American businesses with the certainty and predictability they need to expand their firms, create jobs and keep our economy growing.