The U.S. Chamber of Commerce outlined pro-growth tax policies that politicians should pursue as the election nears, arguing they will boost U.S. economic growth and competitiveness.
Election Day is fast approaching and as Republicans and Democrats spar on the campaign trail, America's largest business trade group is urging policymakers to pursue tax policies that boost the U.S. economy as a significant debate in Congress over taxes and spending looms next year. The U.S. Chamber of Commerce released a report this week about the importance of pro-growth tax policy and how it boosts workers' wages and strengthens the economy at large.
The corporate income tax rate is one area of stark contrast between the two leading presidential candidates, Vice President Harris and former President Trump. Trump signed the 2017 law that lowered the U.S. corporate tax rate from 35%, the highest in the industrialized world, to 21% on a permanent basis.
The Chamber's policy memo calls for setting a goal of achieving at least 3% annual economic growth, which it believes can be attained in part through pro-growth policies it's advocating. Bradley explained that if the U.S. economy grows at 3%, it would allow the share of the economic pie for each American to double in roughly 22 to 23 years – whereas at a 2% GDP growth rate it takes 35 years.
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