Extend and Strengthen the Tax Cuts and Jobs Act
Extend and Strengthen the Tax Cuts and Jobs Act
With most of America’s tax system expiring in 2025, Business Roundtable urges policymakers to:
- Retain the 21% corporate tax rate
- Maintain a competitive international tax system
- Continue and strengthen broad-based incentives to encourage innovation in the United States
Tell Congress to extend and strengthen tax reform
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Tax reform is working
Do you know a competitive corporate rate supports American workers?
As a result of tax reform, the U.S. business tax system is more globally competitive and encourages companies to invest at home. In only two years after tax reform, the new corporate rate of 21% contributed to an increase in household income, higher wages for workers and lower unemployment.
500,000+
new U.S. jobs due to increased domestic activity by U.S.-based multinational companies
40%
higher growth in incomes for the lowest 10% of earners compared to those at the top
4.9%
lowest recorded unemployment rate for adults without a high school diploma
5%
increase in real wages
Corporate tax receipts are at record highs
Although the 2017 tax reforms reduced the corporate rate to 21%, today, corporate tax receipts are at a record high level — due in large part to dynamic economic activity spurred by tax reform and a broader corporate tax base.
Annual Federal Revenue to the U.S. Treasury From Corporate Income Taxes
Tell Congress to extend and strengthen tax reform
Higher corporate taxes hurt American workers, families and shareholders
$200 billion tax increase on families
A 25% corporate rate would impose a tax increase on families making less than $320,000 per year in the form of lower wages.
Families taxed 3X
Families that work, consume, and invest retirement funds in corporate stock get hit by the corporate tax three times.
58% of American families
58% of American families own stock directly or indirectly through pensions or retirement plans.
Americans earning less than $72,500
Americans earning less than $72,500 pay more in corporate taxes than they do in individual income taxes due to lost wages.
1.5 million small businesses
1.5 million small businesses would be subject to a higher corporate rate, 85% of which have fewer than 20 employees.
Seniors hit hardest
Seniors derive over half their income from dividends, 401(k)s, pensions, and other investments.
Raising corporate taxes would drive investment and jobs overseas
While tax reform increased America’s global competitiveness, the combined U.S. corporate rate of 25.6% — federal (21%) plus state average (4.6%) — is still one of the highest among developed economies.
Since tax reform, American businesses have been hit by new taxes. Additional tax increases on corporations would only make it more difficult for U.S. businesses to invest at home, create American jobs and compete globally.
Corporate Tax Rate % for OECD Countries
Resources
The Latest
E-Flyer: A Competitive Tax System for U.S. Companies Fuels Investment and Innovation in America
Mar 25, 2025
ICYMI: Cisco CEO & Business Roundtable Chair Chuck Robbins Highlights How TCJA Is Driving Domestic Investment
Mar 18, 2025
E-Flyer: What Policymakers Are Saying About Pro-Growth Tax Reform
Mar 5, 2025
Business Roundtable: House Approval of Budget Resolution Is a Pivotal Moment in Extending and Strengthening Tax Reform
Feb 25, 2025
E-Flyer: A Competitive Corporate Tax Rate Supports American Workers and Communities
Feb 18, 2025
Business Roundtable: House Budget Committee Opens the Door for Extending and Strengthening President Trump’s Tax Reform
Feb 14, 2025
ICYMI: Tax Directors Fly in to Make the Case for Extending and Strengthening TCJA
Feb 11, 2025
E-Flyer: Corporate Tax Receipts Are at Record Highs
Jan 30, 2025
ICYMI: Ways and Means Hearing Highlights Urgency of Extending & Strengthening TCJA
Jan 15, 2025
ICYMI: Majority Leader Scalise, Former Rep. Brady Discuss How 2017 Tax Reform Fostered Strong U.S. Economic Growth
Dec 18, 2024
E-Flyer: A Competitive Corporate Tax Rate Supports American Workers
Nov 20, 2024
Business Roundtable Letter on Restoring and Extending the Pro-Growth Provisions of TCJA
Oct 15, 2024
ICYMI: ‘Business Roundtable will be putting its full weight behind protecting and strengthening tax reform’
Jul 10, 2024
Tell Congress to extend and strengthen tax reform