U.S. Chamber of Commerce - Corporate Tax Outreach
From the U.S. Chamber of Commerce:
Congress is currently considering a massive tax increase on business to pay for several major new federal spending programs. Under the proposal, the corporate tax rate would increase to 28 percent from its current 21 percent, increasing taxes by one-third on businesses that are still working to recover from the recession brought on by the COVID-19 pandemic.
Why It Matters to You
Many assume that only big businesses will pay this higher rate. That couldn’t be farther from the truth. In fact, if your business is organized as a C-Corp, you would see your tax bills increase significantly. In Washington state, 35,812 of our state’s businesses are organized as C-Corps and would be affected by the proposed increase.
We need your help to fight this corporate tax increase. These higher taxes would eliminate jobs, in some cases, close stores, and/or cut back on investments in our community. Furthermore, Washington state’s businesses are just now returning to normalcy, and higher rates on businesses would suppress wage growth and job creation at a time when one of the few things we can all agree on is the need to create more higher-paying jobs here at home. In short, a sudden and substantially steep increase in the corporate rate is one sure way to stop the recovery’s momentum dead in its tracks.
Action You Can Take
Let’s keep the corporate tax rate where it is so our businesses can continue to prosper and create the growth and jobs Washington state needs to keep this recovery going. We urge you to join our efforts by asking Representatives Kilmer, Strickland, and DelBene, as well as Senators Murray and Cantwell to oppose raising taxes on your business.
You can send them an email by clicking the following link: https://action.uschamber.com/yyA28nS.