When American companies have a competitive tax code, local economies prosper, and workers benefit from higher wages and more job opportunities. But Americans will face the largest tax increase in U.S. history unless Congress extends provisions of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire at the end of this year.
During the 2025 Tax Policy Summit at the U.S. Chamber’s headquarters on Wednesday, policymakers and experts made the case for pro-growth tax policy and permanently extending the TCJA's reforms to avoid the “2025 tax cliff.”
Senior congressional tax writers shared the stage with tax policy experts and business community leaders before a packed room, showcasing the U.S. Chamber’s convening power.
Why We Need Permanent Tax Reform
Smart tax policy is essential to growing the economy, raising wages for workers, and improving the standard of living for all Americans. The most comprehensive tax reform legislation since 1986, the TCJA significantly reduced and simplified the federal income tax burden on American families and workers and modernized the taxation of business income, creating opportunities in communities across America. Extending TCJA provisions and making them permanent is crucial for improving the well-being of all Americans.
“The bottom line is we want our economy to grow around 3% of GDP. That’s significant, and to do that it’s going to require a very good tax code,” Rep. Randy Feenstra (R-IA), a member of the House Ways and Means Committee, said at the Summit.
For Sen. Mike Crapo (R-ID), Chairman of the Senate Finance Committee, “permanence is our highest priority.” He noted during a fireside chat that his committee will include three key provisions: the R&D tax credit, bonus depreciation, and EBITDA standard for interest deductibility.
Sen. Crapo also supports a current-policy baseline for tax reform legislation. “The reason current policy is so important is, first and foremost, permanence in the tax code is critical,” he said. “[If] the private sector does not have permanence in the tax code, that impacts our economic growth.”
The U.S. Chamber has been in front of this issue, leading nearly 500 state and local chambers and national trade groups—representing all 50 states—in urging Congress to adopt a current-policy baseline to permanently extend the pro-growth provisions of the TCJA.
Our Tax Policy Work
Voters Want Tax Permanence
Making the TCJA permanent is good politics as well as good policy. A recent public opinion poll conducted by McLaughlin and Associates on behalf of the U.S. Chamber revealed that voters, by a nearly 3- to- 1 margin (64% to 20%), favor permanently extending the 2017 tax reforms. They noted its ability to reduce and simplify the federal tax burden on families and businesses, stimulate economic growth, create jobs, and enhance the global competitiveness of American companies.
Regarding the survey, pollster John McLaughlin noted, “There's no tolerance for increasing taxes… at a time where they're paying higher prices on food and higher prices on housing and higher prices on everything else.”
Dig into the Survey Results
Tax Reforms Help Main Street
Local businesses have been able to grow and create jobs because of the TCJA. “My member companies have been making investments under the current tax provisions for the last seven years,” said Craig Purser, CEO of the National Beer Wholesalers Association. “That means building new facilities, that means hiring more people, that means adding to their fleet and that means planning for their future and for the future of their employees.”
“If you look over the past seven years since President Trump signed the 2017 bill, more than $5 trillion was invested in private equity across America. Eighty-five percent of those dollars went to small businesses,” added Drew Maloney, President and CEO of the American Investment Council.
TELL US YOUR STORY: How has tax reform helped your business?
2025 Tax Policy Summit
A full house for the 2025 Tax Policy Summit at the U.S. Chamber's headquarters in Washington, D.C.
Sen. Mike Crapo (R-ID), Chairman of the Senate Finance Committee, discusses tax policy with Chamber Executive Vice President and Chief Policy Officer Neil Bradley.
Rep. Randy Feenstra (R-IA) spoke with Chamber Executive Vice President and Chief Policy Officer Neil Bradley at the 2025 Tax Policy Summit.
The 2025 Tax Policy Summit gathered policymakers and experts at the U.S. Chamber's headquarters.
The 2025 Tax Policy Summit gathered policymakers and experts at the U.S. Chamber's headquarters.
Watson McLeish, U.S. Chamber Senior Vice President for Tax Policy, kicked off the Summit.
Experts discussed a recent public opinion poll conducted by McLaughlin and Associates, which showed that voters, by a nearly 3-to-1 margin, favor permanently extending the 2017 tax reforms.
Policy leaders discussed how members of government are looking at tax reform issues.
Experts discussed the policies, players, and politics of scaling the 2025 tax cliff.
The 2025 Tax Policy Summit gathered policymakers and experts at the U.S. Chamber's headquarters.
Experts gathered at the 2025 Tax Policy Summit to discuss important tax reform issues.
Leaders discussed the role of national associations at the Tax Policy Summit.
Taking Action on Tax Policy
The U.S. Chamber is engaging with policymakers on how making tax reforms permanent will drive economic growth and create new opportunities for American workers and businesses.
- By hosting roundtable discussions across the country, we are amplifying the voices of elected officials,local business leaders, and communities on the importance of passing permanent tax reform.
- The U.S. Chamber’s Small Business Council met with Congressional offices to share how pro-growth tax policy impacts their businesses, employees, and local communities.
- The Chamber launched a new tax increase calculator to illustrate the potential tax hike to pass-through business owners if Congress allows the section 199A deduction to expire at the end of this year.
More on Tax Policy
About the authors
Sean Hackbarth
Sean writes about public policies affecting businesses including energy, health care, and regulations. When not battling those making it harder for free enterprise to succeed, he raves about all things Wisconsin (his home state) and religiously follows the Green Bay Packers.
