The Associated Builders and Contractors are panning the Obama administration’s latest proposal to cut corporate tax rates in exchange for infrastructure investments.
“Corporate-only rate reduction does not amount to business tax reform,” said Geoff Burr, the association’s vice president of federal affairs. “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 businesses comprise 80 percent of the construction industry and employ the majority of the private-sector workforce,” Burr added. “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 60 million Americans working for pass-through entities.”