Springfield Chamber Urges Congress to Avert 2025 Tax Cliff
The Springfield Chamber joins nationwide appeal to protect businesses from tax hikes
The Springfield Area Chamber of Commerce has joined chambers across the country in urging Congress and the new administration to act swiftly to prevent tax increases on individuals and businesses by extending the Tax Cuts and Jobs Act (TCJA). The TCJA, which currently benefits businesses of all sizes, is set to expire at the end of 2025, posing significant risks to economic growth.
One of the key provisions at risk is the 20% pass-through deduction, which is crucial for small businesses. This deduction ensures that pass-through entities like sole proprietorships, partnerships, and S corporations are not taxed at a disadvantage compared to larger C corporations.
The U.S. Chamber of Commerce points out that in Oregon, the 20% pass-through deduction alone has had a substantial impact:
- 54.06% of all private-sector, for-profit jobs in Oregon are at pass-through businesses.
- 30.4% of private-sector, for-profit jobs in Oregon are at large pass-through businesses (with more than 100 employees).
- Oregon pass-through businesses have collectively benefited from a $2.33 billion tax reduction due to this deduction.
Many of our members have directly benefited from this provision. However, without timely congressional action, these benefits and other pro-growth measures in the TCJA will disappear at the end of next year.
The Springfield Chamber has signed a letter appealing to Congress to prevent these tax increases on businesses and individuals. For more information or to get involved, please contact Paige Walters, Director of Advocacy and Economic Development, at Paige@springfield-chamber.org. You can also reach out directly to elected officials to bring attention to these concerns.
Federal Delegation Contacts:
- Val Hoyle, U.S. Representative, Congressional District #4: Home | Congresswoman Val Hoyle
- Ron Wyden, U.S. Senator for Oregon: Contact | U.S. Senator Ron Wyden
- Jeff Merkley, U.S. Senator for Oregon: Email Jeff | Merkley
