THE CRANE MISSION
The focus of comprehensive tax reform should be to encourage investment, job creation and economic growth here at home. CRANE's mission is to make the case that current national tax policy promoting domestic investment has been economically and fiscally sound for decades and remains sound today. CRANE members seek to demonstrate to lawmakers that broad sections of the U.S. business community believe lower corporate tax rates should go hand-in-hand with preserving policies like accelerated depreciation that support the overall goal of domestic capital investment.
What has CRANE accomplished since its start in 2015?
CRANE has published studies demonstrating that accelerated depreciation has been sound economic and fiscal policy for decades -- and still is today. Those studies showed that relyiance on cuts in accelerated depreciation to pay for tax reform is a short-term fix that will reduce incentives to invest in business plant and equipment here at home and lead to burgeoning economic and revenue losses down the road.
CRANE has helped to remind lawmakers about the importance of accelerated depreciation in the tax system and the pitfalls involved in cutting accelerated depreciation. As reflected in a report of the Business Working Group of the Senate Finance Committee, tax writers are now broadly aware of the role of accelerated depreciation. The report evidences a clear understanding of the downside of increasing the cost of domestic investment through cuts in accelerated depreciation.
For 2016 and beyond, CRANE will continue its efforts to educate Congress about accelerated depreciation, focusing particularly outside the tax committees.