For Immediate Release
December 20, 2017
HARRISBURG - Pennsylvania Chamber of Business and Industry President and CEO Gene Barr issued the following statement after Congressional passage of the “Tax Cuts and Jobs Act,” federal tax reform legislation that marks the first significant change to the Federal Tax Code in more than 30 years:
“We applaud Congress for passing historic tax reform legislation that will help to improve our economy and grow jobs. For far too long, our tax code has been stagnant, while other countries have been implementing policies to make themselves more attractive for investments in the global marketplace. The uncompetitive nature of the country’s federal tax structure has had repercussions for every state – but particularly in Pennsylvania, due to the fact that we have the highest effective Corporate Net Income tax rate in the nation. This pro-growth reform legislation will help to reverse decades of missed economic growth opportunity and improve our country’s competitive edge.
“This tax reform bill implements several policies that the PA Chamber has long advocated for – including simplifying the overly complicated and burdensome Tax Code; lowering the federal corporate tax rate and reducing tax rates for businesses of all sizes; moving to a territorial tax system in which a business is only taxed on income earned within the United State’s borders; and allowing for the expense of capital investments to help free up a company’s cash flow and devote more resources towards job creation. This bill is a win for job creators and for individual taxpayers. We look forward to President Trump signing this legislation into law.”
The Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its statewide membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.