Associated Equipment Distributors (AED) President and CEO Brian P. McGuire released the following statement on the draft tax reform proposal released Feb. 26 by the House Ways & Means Committee:
“AED’s members overwhelmingly agree that the tax code’s uncertainty and complexity are undermining economic growth and job creation. We appreciate the work that Chairman Camp, his committee members and staff have done to craft a comprehensive plan to simplify the code and lower rates for all types of businesses. We’re also pleased that the committee recognizes the need to address Highway Trust Fund [HTF] revenue shortfalls.
“That being said, we’re very concerned that several aspects of the proposal — including LIFO and LKE repeal and longer equipment cost recovery periods — will negatively impact equipment industry family businesses and equipment users. We’re also disappointed that the committee’s plan doesn’t include the new highway user fees necessary to reestablish the HTF’s long-term solvency.
“In the days ahead we’ll be analyzing the plan more closely and soliciting input from dealers around the country. We look forward to continuing to work with Chairman Camp, Ranking Member Levin, and other members of the committee to craft a new tax code that encourages capital investment and economic growth.”
For more information, visit www.aednet.org.