ABC Hails Lower Small Business Rates in Tax Reform Framework
WASHINGTON, Oct. 11—Michael D. Bellaman, president and CEO of Associated Builders and Contractors (ABC), issued the following statement in response to President Trump’s speech on tax reform in Harrisburg, Pa.:
“President Trump’s tax framework promises the lowest small business tax rate in the last 80 years, which would unlock the full economic potential of the 21,000 members of Associated Builders and Contractors. A growing economy means a thriving construction industry—when businesses are able to reinvest in wages, jobs, and expansion, ABC members are there to do the work.
“According to analysis by the U.S. Department of Treasury, the construction industry pays the highest effective tax rate of any sector of the nation’s economy—27 percent, compared to an average of 22 percent for other industries. Reducing the tax burden on pass-through businesses through tax reform is essential to addressing this disparity.
ABC members are overwhelmingly small, family-owned and closely held merit shop construction firms that want meaningful tax reforms that ensure fair, equitable treatment of all businesses regardless of size, structure or sector. The framework and its targets go a long way toward advancing ABC's tax policy goals.”