As this is written, the United States of America imposes the highest statutory tax rate in the world, and is close to the top in highest average and effective tax rates as well. Tomorrow, area lawmakers Congressman Darin LaHood and Congressman Rodney Davis have an opportunity to change this for their constituents in McLean County, and the American people.
While our Chamber of Commerce and businesses have voiced their community-centric concerns during this process, specifically surrounding Private Activity Bonds, State and Local Tax Deductions, Graduate Student Tuition Waivers, and treatment of pass-through businesses, the Chamber is pleased that these concerns have been acknowledged and improved.
The Chamber recognizes that The Tax Cuts and Jobs Act is imperfect – like most consequential legislation considered by Congress, but there are real changes in this legislation that have the ability to have a positive impact on McLean County businesses. The new 21% Corporate Rate, a new 20% Deduction for Pass-through organizations, and the immediate ability for expensing of capital investments for 5 years are changes that can open the door for positive business growth.
The McLean County Chamber of Commerce supports our representation in Washington DC, Congressman Rodney Davis and Congressman Darin LaHood, in completing the final step in enacting comprehensive, pro-growth tax reform legislation, and in passing the Conference Report to accompany H.R. 1, the Tax Cuts and Jobs Act.