On behalf of The silicon valley organization (The SVO), we are writing to support your efforts to reform the federal tax code that will support job creation and encourage further, sustained corporate investments in the American economy. By way of background, we are the Silicon Valley’s premier business advocacy organization representing 1,400+ companies that employ nearly 300,000 workers and we represent our membership as the region’s largest Chamber of Commerce.
While you take leadership in negotiating the final details of the tax reform package, we strongly encourage you to consider these principles to prioritize a favorable tax package for both small businesses and corporations:
• Reduce the corporate tax rate to 20%.
• Consider small businesses in the tax reform package. Support small business service industries, such as realtors and accountants, at business pass-through rates of 25% instead of the federal individual tax bracket.
• Do no harm to property owners – oppose any reduction in mortgage interest deduction benefits which impact high-cost regions such as the Silicon Valley.
• Support repatriation (tax holidays), bring tax rates from 35% down to 10% to encourage overseas money to circulate in the American economy.
• Oppose any elimination of private activity bonds or P3 bonds that can support infrastructure projects. Allow tax-exempt bonds for P3 projects.
• Oppose any language that harms affordable housing bonds
• Maintain the state and local tax deduction
• Eliminate the Estate Tax immediately
We recognize the sheer complexity of the tax reform package that you must negotiate. Thus, we are appreciative of your consideration of our concerns as you move forward with the most comprehensive tax reform change since 1986. On behalf of our 1,400+ business members, thank you for your work in representing American taxpayers and businesses.