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Fuels America’s Economic Growth
Permanently Extends Key Trump Economic Tax Policies
- Permanent 100% immediate expensing.
- Businesses currently can only use 40% expensing for 2025, 20% for 2026.
- Permanent immediate expensing for research & development (R&D) in the U.S.
- Businesses currently must allocate R&D expenses over 5 years instead of immediately. Following the 2017 tax cuts, R&D investment grew by 18%.
- Permanent deduction for interest expenses.
- Medium-sized manufacturers cannot raise capital from equity markets and often must borrow.
- Permanent Small Business Deduction.
- Makes permanent the 20% Small Business Deduction for 30 million small businesses.
- Permanent key international tax reforms.
- Stops scheduled tax increases to GILTI, BEAT, and FDII provisions keeping U.S. companies competitive globally. Provisions helped bring $2.5 trillion back to the U.S. from overseas after 2017, rewarded IP kept in America, and stopped corporate inversions.
Incentivizes Made-In-America
- Rewards New Factories Built in the U.S.A.:
- Enhances cost recovery for new manufacturing structures producing goods in America.
- Boosts investment by up to 3.8% in facilities right here at home.
- Doubles Immediate Small Business Expensing:
- Increases the more generous 179 Small Business Expensing to $2.5 million, allowing small businesses to invest in their employees and grow.
- Renews successful Opportunity Zone (OZ) program:
- Will deliver an additional $100 billion of investment over the next decade, makes important enhancements for Zones in rural distressed communities.
- Reduces reporting burdens for small businesses and entrepreneurs:
- Stops the Democrats’ attack on the gig economy by repealing the ARPA 1099-K rule.
- Reduces paperwork burden for small businesses and workers by increasing the 1099- MISC threshold to $2,000.
Economic Benefit of Policies
- Raises real wages by up to $7,200 for every American worker.
- Boosts manufacturing wages by $126 billion and ignites $284 billion in additional manufacturing-based GDP growth.
- Delivers 4.9% higher level of real GDP in first 4 years, 1.2% higher average annual growth.
- Unlocks $1.5 trillion in additional small business GDP growth and an estimated 1 million new small business jobs annually over the next decade.
- Protects and creates over 7 million jobs.
- 100% Immediate Expensing, Incentives for R&D, and 100% Expensing for Manufacturing Structures combined will increase investment by 7% and annual wages by over $1,600.
- Immediate Expensing for R&D accelerates over $20 billion of investment, and more than $50 billion long-term.
- Expanding interest deductibility will deliver a $108 billion boost to GDP.