With today being the last day for most Americans to file their taxes, BUILD Coalition spokesman Mac O’Brien released the following statement:
“For many businesses, both large and small, tax day is met with anguish. Today, we are reminded of the need for a tax code that is less complex and encourages investment in our economy. In order to achieve this goal of growth, however, any and all reform efforts must preserve the full business interest expense deduction.
“Businesses of all sizes use debt to finance critical investments, buy necessary raw materials, and expand operations. Interest paid on this debt is a normal cost of doing business, and has been tax deductible since the creation of the modern tax system. The business tax deduction for interest expenses is a core component of the tax code, and is essential for continued growth, investment, and job creation.
“Tax reform efforts that maintain full interest deductibility will strengthen U.S. businesses across all sectors, encourage growth throughout the country, and have the potential to make the stress of tax day a thing of the past.”