MSCI Urges Next Congress, President Pursue Pro-Growth Tax Policy

With the U.S. Chamber of Commerce and more than 500 state and local chambers of commerce and national trade associations, the Metals Service Center Institute submitted a letter, available at this link, to every member of the U.S. House of Representatives and U.S. Senate urging the next Congress and the next president to work together to prevent significant tax increases that could affect U.S. families and businesses.

As readers will recall, in 2017 federal policymakers enacted pro-growth tax reforms. These changes sparked the launch of new companies, fueled pay raises for workers, and opened job opportunities when employers reinvested in their communities. Without decisive action from the next Congress and White House, many of the reforms enacted in 2017 will automatically vanish at the end of 2025. These policies include:

• Provisions governing tax treatment of certain business expenses and investments;
• The 20 percent deduction for qualifying pass-through business income;
• Provisions to maintain a competitive international tax code;
• Estate and gift tax (death tax) relief;
• Lower individual income tax rates, a higher standard deduction, an expanded child credit, and higher alternative minimum tax phaseout thresholds; and
• Expanded health insurance premium tax credits.

As the letter said, without action, businesses will face increased taxes, leading to potential job cuts, reduced wages, or even closures. Families could experience decreased take-home pay and communities may suffer as local businesses struggle to survive, resulting in fewer jobs and less investment in local services. “Maintaining a pro-growth tax code is essential to building a strong economy that benefits all Americans and ensures our nation remains a leader in global competitiveness and economic opportunity,” the letter concluded.