Springfield Chamber Urges Congress to Avert 2025 Tax Cliff, Part 2
The Springfield Chamber has joined nationwide appeal to protect businesses from tax hikes. This is a follow-up article; click here to read about the Chamber’s initial involvement with this issue.
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.
It has been nearly seven years since the historic Tax Cuts and Jobs Act (TCJA) was signed into law. The TCJA achieved a substantial modernization of the United States’ approach to taxing business income, particularly with respect to cross-border transactions. However, many of the TCJA’s tax reforms were enacted on a temporary basis and will expire at the end of 2025. Without congressional action, the expiration of these provisions will result in negative impacts to both individuals and businesses of all sizes.
What’s at stake
Some of the major expiring tax provisions that Congress will have to address in 2025 include:
- Provisions governing the tax treatment of certain business expenses and investment costs;
- The 20% deduction for qualifying pass-through business income;
- Provisions to maintain a competitive international tax code;
- Estate and gift tax (death tax) relief;
- Lower individual income tax rates, the higher standard deduction, the expanded child credit, and the higher alternative minimum tax phaseout thresholds; and
- Expanded health insurance premium tax credits.
Why it matters
Taxpayers should prepare for everything to be on the table next year – including otherwise “permanent” provisions like the TCJA’s 21% corporate income tax rate or the Inflation Reduction Act’s energy tax credits. By the start of the next Congress, nearly 60% of House members and 20% of senators will not have been in Congress when the TCJA was enacted.
[Content Source: U.S. Chamber of Commerce]
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
