The CEO of the Associated General Contractors of America, Stephen E. Sandherr, released the following statement in reaction to the Unified Framework released Sept. 28 by congressional leaders and the Trump administration.
The CEO of the Associated General Contractors of America, Stephen E. Sandherr, released the following statement in reaction to the Unified Framework released Sept. 28 by congressional leaders and the Trump administration:
"The tax reform framework is a step in the right direction. At 30.3 percent, the construction industry faces the highest effective tax rate of any industry in America, said Sandherr. "The overwhelming majority of construction firms are pass-through businesses, meaning the owners pay taxes at the individual rates, not the corporate rate.
"Tax reform that lowers the rates for businesses of all forms and sizes is long overdue, and will provide a shot in the arm to the industry, lower the cost of construction projects, and allow construction firms to focus more on their business, and less time with the IRS.
"AGC continues to believe that tax reform and infrastructure investment go hand in hand, and that tax reform provides a tremendous opportunity to provide needed revenues to the federal infrastructure trust funds. While tax reform is tremendously important, Congress and the administration should not pass up this opportunity to build America's future.
"As Congress and the administration move forward to fill in the details of the framework, we look forward to working with all parties to find solutions to problems identified and the frameworks and problems identified by our members."