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Tax Reform Tops Business Priorities

Tax Reform Tops Business Priorities

Tax reform topped the issues facing many corporations, according to a recent annual survey of the nation’s business community.

The “National Business Agenda Survey” of more than 1,140 corporations was conducted by the U.S. Chamber of Commerce.

The Chamber asked executives to prioritize the top issues facing them, including Tax/Economic Policy, Legal Reform, Regulatory Reform and Environmental Policy, International Policy, Transportation Infrastructure, Labor/Employee Benefits, Other Federal Government Regulations, Homeland Security, and Work force Issues.

The top issues are:

  • Stop excessive punitive damages
  • Reduce paperwork burdens
  • Reform class action laws
  • Small employers recovery of attorney fees from government when successfully contesting violation
  • Reform product and service liability laws
  • Permanently repeal the estate and gift tax

By far, the issue given the highest priority level was “Permanently repeal the estate and gift tax”, with over 80 percent of respondents giving it an “extremely high” or “very high” priority level.

The next highest three issues each received an “extremely high” or “very high” priority level from at least two-thirds of respondents: “Repeal/reduce the corporate and individual capital gains tax”, “Repeal/reduce the corporate and individual AMT”, and “Permanently increase the small business expensing allowance.”

Reforming international policy was also listed as a concern among respondents. While only 28 percent of those participating in the survey are directly involved in international business, more than half viewed as high priorities the “enforcement of U.S. trade laws to more effectively restrict imports that unfairly compete with U.S. producers and the fighting of intellectually property crime overseas with tougher international trade agreements, national legislation, and more effective law enforcement,” according to the survey.

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