BUILD STATEMENT ON SENATE FINANCE WORKING GROUP REPORTS

The BUILD Coalition’s Sabrina Siddiqui released the following statement in reaction to release of the Senate Finance Committee Tax Reform Working Groups’ reports:

“The BUILD Coalition supports continued progress to enact tax reform that would boost growth and create jobs.  It is noteworthy the report acknowledges that many ‘economists – and many in the business community – have expressed the concern that restricting the ability to deduct interest expenses could raise the cost of capital and discourage investment.’  This widespread concern is justified. EY analyzed limiting interest deductibility as a ‘pay for’ and found that it would reduce GDP, investment, and economic welfare in the long run. We hope lawmakers continue to recognize that interest deductibility is a normal and necessary business expense foundational to businesses of all sizes and in all sectors, and should be fully maintained.”

See here for more detail on the EY analysis, including national, state, and industry impacts of limiting interest deductibility.

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