In preparation for the upcoming legislative battle next year, when Congress will decide whether to renew parts of the GOP’s 2017 tax cuts, a powerful business group is set to invest heavily. Business Roundtable CEO Joshua Bolten announced on Wednesday that the organization will spend “eight figures” to support and enhance the tax system, with a focus on maintaining a competitive environment for businesses to thrive and grow in the United States.
Cisco CEO Chuck Robbins, who leads the Business Roundtable, outlined the group’s top three priorities leading up to the 2025 tax deadline. These priorities include preserving the current 21% corporate tax rate, ensuring a competitive international tax structure, and strengthening incentives for innovation within domestic companies, such as immediate expensing for research and development expenditures.
The spending effort by the Business Roundtable will be one of its largest in history, as it looks to protect and bolster tax reform in order to support business growth and innovation in America. The organization has been advocating for these priorities since 2017 when Congress passed the Tax Cuts and Jobs Act (TCJA), which reduced corporate taxes from 35% to 21%. However, these cuts are set to expire in 2026 if Congress does not act to renew them.
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