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| U.S. Chamber Action |
| Stand Up for Free Enterprise |
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| How Higher Corporate Taxes Could Impact Your Community |
| Our new interactive map reveals how a higher corporate tax rate would affect local economies nationwide. |
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Insights from the U.S. Chamber of Commerce show how a spike in the corporate tax rate would make it harder for businesses to grow, invest, and create jobs.
Big picture: Competitive tax rates help fuel economic growth that benefits everyone by driving investments, job creation, and better pay. However, the potential for a dramatic increase in America’s corporate tax rate would have real consequences for businesses, workers, and families nationwide.
The backstory: Before the 2017 Tax Cuts and Jobs Act (TCJA), the U.S. had one of the highest corporate tax rates globally, pushing jobs and investments overseas. The TCJA lowered the rate from 35% to 21%, leading to:
- Higher wages for workers.
- Increased spending on improving businesses.
- Stronger performing local industries.
The risk ahead: Many of the tax reforms enacted in 2017 are scheduled to expire at the end of 2025. Recently, some policymakers have expressed support for raising the corporate income tax to offset the cost of other priorities, with several proposing to increase the corporate rate from 21% to 28%.
The result would be a potential loss of an estimated $910 billion from the economy over the next decade that could lead to:
- Higher prices for consumers.
- Lower wages and fewer job opportunities.
- Reduced investment returns to shareholders, including retirement savings accounts.
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| IN YOUR STATE |
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| Zoom-in: The U.S. Chamber developed an interactive map to demonstrate how a corporate tax rate increase would impact your area. Select a state to discover the impact of higher corporate taxes on the local economy. |
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Chamber in action: In response to this potential threat, the U.S. Chamber recently launched the Growing America's Future campaign to urge leaders into action.
Bottom line: Maintaining a competitive corporate tax rate is essential for boosting wages, enhancing living standards, and sustaining economic growth in the long-term. |
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| STAND UP FOR FREE ENTERPRISE |
| Helping people live longer |
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American innovation is paving the way for a healthier future for everyone.
Global life expectancy has surged from 45 to 73 years since 1950, thanks to advancements in pharmaceuticals, medical devices, and telemedicine.
Some individuals want to replace American free enterprise. If they succeed, they will limit your potential, stifle growth, and undermine our future. |
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