U.S. Chamber Suggests Suspending Parts of Tax Law Amid Virus

U.S. Chamber of Commerce is recommending that Congress temporarily suspend portions of President Trump’s tax law to give companies more flexibility to cope during the coronavirus pandemic, according to a letter sent to congressional leaders Wednesday.

• Business lobby asks Congress to suspend two new taxes included in the 2017 laws that put levies on offshore profits
• Also requests that companies can write-off more interest payments on loans
  • Tax law limited those deductions
• And companies required to pay taxes on offshore accumulated profits should also be addressed, letter says
• NOTE: Lawmakers are considering a large fiscal stimulus bill that would ...