Tax Reform Framework a Major Step Forward, Says ABC
Michael D. Bellaman, president and CEO of Associated Builders and Contractors (ABC), issued the following statement supporting the Unified Framework for Fixing Our Broken Tax Code released by congressional and administration leaders:
“The tax framework released today marks a promising step forward for the first genuine reform of the tax code in a generation. Associated Builders and Contractors is encouraged by the proposal, and we strongly support the tax reform process moving forward.
“The framework and its targets go a long way toward advancing ABC’s tax policy goals. Construction historically faces the highest effective tax burden of any industry. The vast majority of construction firms are small and family-owned businesses that pay taxes at individual rates. The equivalent rate reduction envisioned in the framework for businesses on both sides of the code, paired with a broader tax base, moves toward ABC’s vision of fair treatment for all companies regardless of size, structure or sector.
“While the framework is an important first step, there is much work to be done. Before this process can move forward, Congress must pass a budget resolution that instructs tax writers to turn this framework into legislative language. With so much left to the discretion of the committees, there is little time to spare. We look forward to working with both chambers to build on the structure of this framework in a way that promotes simplicity, fairness and economic growth.”