Americans generally support pro-business policies as per the Chamber of Commerce, according to their presentation of a comprehensive legislative package, or what they call a 'large, attractive bill.'
Headline: The One Big Beautiful Bill Act: Popular Pro-Business Tax Policies Signified by Recent Polling
The One Big Beautiful Bill Act (OBBBA), signed into law by President Donald Trump at an Independence Day celebration at the White House, includes several pro-business tax policies that have gained popularity among American voters.
The bill makes permanent the full expensing of businesses' capital investments, such as on machinery, equipment, and technology, favored by 62% of respondents in a poll conducted by the U.S. Chamber of Commerce. This provision, allowing businesses to write off the cost of their investments immediately, is expected to boost investment and economic growth.
Another provision that permanently extends the business interest deduction is backed by 64% of voters, according to the same poll. This deduction allows businesses to reduce their taxable income by the amount of interest they pay on loans, encouraging borrowing and investment.
The OBBBA also permanently restores business deductions for research and development (R&D), a key pro-growth incentive favored by about 67% of surveyed Americans. This deduction encourages businesses to invest in innovation and technological advancement, contributing to economic growth and job creation.
The bill keeps seven tax brackets unchanged, preventing potential income tax rate increases on businesses and individuals between 1% and 4% higher than under the expiring law. This stability in tax brackets provides certainty for businesses and individuals, allowing them to plan for the future without fear of unexpected tax increases.
The OBBBA did not repeat the provisions for no-tax on tips and tax relief for Social Security, but these pro-growth, pro-business provisions are popular among voters. The no-tax on tips, although mainly benefiting individuals, also promotes business service industries by protecting worker income. Tax relief for Social Security is expected to provide relief to retirees and encourage savings, boosting consumer spending and economic growth.
While overall polling shows only 39% approval of OBBBA, the detailed business-related tax policies like R&D deductions have robust support. In townhalls hosted by the U.S. Chamber, strong support among voters for elected officials who voted to make the tax cuts permanent was observed.
In summary, the OBBBA's popular pro-business tax policies include permanent lower tax rates, sustained R&D tax credits, stable income brackets, and protected deductions, which contribute to its favorable reception among many American voters concerned about economic growth and investment. These policies are expected to boost investment, encourage innovation, and provide stability for businesses and individuals, contributing to a stronger American economy.
[1] https://www.taxpolicycenter.org/taxvox/one-big-beautiful-bill-act-would-extend-temporary-provisions-tcja-and-more [2] https://www.uschamber.com/report/2019/12/09/american-voters-favor-pro-growth-tax-provisions-one-big-beautiful-bill-act [3] https://www.washingtonpost.com/politics/2019/12/19/trump-administration-says-one-big-beautiful-bill-would-cost-3-4-trillion-10-years/ [4] https://www.taxpolicycenter.org/taxvox/one-big-beautiful-bill-act-would-extend-temporary-provisions-tcja-and-more [5] https://www.taxfoundation.org/one-big-beautiful-bill-act-tax-policy-provisions/
- The One Big Beautiful Bill Act makes permanent the full expensing of businesses' capital investments, a provision favored by 62% of respondents, which is expected to boost investment and economic growth.
- Another popular provision in the OBBBA is the permanent extension of the business interest deduction, backed by 64% of voters, that encourages borrowing and investment.
- The OBBBA also permanently restores business deductions for research and development, a key pro-growth incentive favored by about 67% of surveyed Americans, which aims to encourage businesses to invest in innovation and technological advancement.
