The Chamber of Commerce, the nation’s top business lobby, applauded the congressional Republicans’ tax reform proposal unveiled Wednesday, and said the effort was “long overdue” and badly needed to boost the nation’s economy.
The proposal would cut the top corporate rate from 35 percent to 20 percent, and create three individual income brackets of 12, 25 and 35 percent.
“Today’s announcement is good news for American families and employers. Tax reform will help families who are struggling to make ends meet and employers who want to grow their business and create new jobs. The U.S. chamber is pleased to see consensus among congressional leaders and the administration on a plan that will kick-start long overdue reform,” said chamber President Tom Donohue.
He said Congress must make it a priority to quickly pass the proposal through the legislative process.
“In our view, failure is simply not an option. The competitiveness of American workers and businesses —mand a stronger economy — depend on pro-growth tax reform,” he said.
