White House Plan Would Mean Billion Dollar Tax Hike for Contractors

White House Plan Would Mean Billion Dollar Tax Hike for Contractors

an icon image austerity package with dollar bill and tape measure

President Obama recently unveiled a White House corporate tax reform proposal. In response to said proposal, the Associated Builders and Contractors, otherwise known as ABC issued the following statement:

“Far from a ‘grand bargain’, the president’s latest trial balloon simply repackages warmed over White House proposals from years past,” said ABC Vice President of Federal Affairs, Geoff Burr.

“Corporate only rate reduction does not amount to business tax reform, “said Burr. “The president’s plan not only widens the existing gap between Main Street and the Fortune 500, but would actually mean billions of dollars in increased taxes for construction contractors.”

“Pass through business comprise 80 percent of the construction industry and employ the majority of the private sector workforce. A tax cut for large corporations financed on the backs of small business can hardly be called grand, and is certainly no bargain for the sixty million Americans working for pass through entities,” stated Burr.

“Despite the president’s insistence on dividing the business community, ABC is encouraged by the bi-partisan, comprehensive approach by Chairman Baucus and Camp, and we look forward to working with them to make the tax code fairer, simpler, and more equitable for business irrespective of size or industry.”

Founded on the merit shop philosophy, Associated Builders and Contractors (ABC) is a national trade association representing 22,000 members. ABC and its 72 chapters help these members from more than 19,000 construction and industry related firms develop people, win work and deliver said work safely, ethically, profitably and in effort to make the communities better that ABC and its members work for.

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