More than 500 business groups across the U.S. are calling on Congress and the next administration to keep former President Trump's tax cuts in place, warning that allowing them to expire at the end of next year would amount to "the largest tax increase in American history." The U.S.
Pro-growth tax policy doesn’t just grow the overall U.S. economy; it raises wages for American workers and improves standards of living," the statement continued. "Maintaining and improving pro-growth tax policy ensures that the U.S. remains globally competitive, retaining and attracting businesses, jobs, investment, and innovation here at home.
Harris has vowed to reverse the Trump-era cuts and is proposing to raise the rate that major businesses pay from 21% to 28%. At the same time, the Democratic nominee seeks to increase the federal government's small business tax deduction by tenfold, from $5,000 to $50,000. Trump, meanwhile, is vowing to cut taxes even beyond his signature legislation from 2017 if he returns to the White House.