WASHINGTON (June 13, 2017) – In response to House Ways and Means Chairman Kevin Brady’s (R-TX) comments on allowing certain industries to retain interest deductibility, the BUILD Coalition released the following statement:
“When lawmakers set out to reform the tax code, their stated goals were economic growth and simplification. Proposals that eliminate interest deductibility for some businesses and retain it for others, however, fail to accomplish either of these objectives. Interest expense is a normal cost of doing business for companies in all sectors of the economy, and making exceptions for certain industries will further complicate an already burdensome tax code.
“At the end of the day, carve-outs are a hallmark of flawed policy. As such, the BUILD Coalition urges Congress to preserve full interest deductibility for all businesses in order to simplify the tax code and promote economic growth.”