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Fuels America’s Economic Growth

Brings Back and Extends Key Trump Economic Tax Policies

  • Renews 100% immediate expensing.
    • Businesses currently face 40% expensing for 2025, 20% for 2026.
  • Renews incentive 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%.
  • Renews deduction for interest expenses.
    • Medium-sized manufacturers cannot raise capital from equity markets and often must borrow.
  • Permanent Small Business Deduction.
    • Increases and makes permanent the Small Business Deduction to 23% for 30 million small businesses.
  • Permanent key international tax reforms.
    • Reforms such as GILTI, BEAT, and FDII made the U.S. more competitive globally, helped bring $2.5 trillion back to the U.S. from overseas, 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.
    • Will create nearly 300,000 jobs and boost wages by a full percentage point.
  • 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.
  • Lowers Effective Tax Rate for those Producing in the U.S.A.:
    • Increases existing thresholds for favorable tax treatment for small/mid-sized manufacturing.
  • 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 $3,300 for every American worker.
  • Boosts manufacturing wages by $126 billion and ignite $284 billion in additional manufacturing-based GDP 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.
  • 100% Immediate Expensing, Immediate Expensing for R&D, and Accelerated Expensing for Manufacturing Structures combined will increase wages by 1.5% and create nearly 400,000 jobs.
  • 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.
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