View infographic here.
The BUILD Coalition is happy to see momentum behind tax reform continue to grow in Memphis today with Rep. Dave Camp and Sen. Max Baucus’ road show. The U.S. and Memphis metro area need pro-growth reform. In 2011, the Memphis area economy only grew 0.1 percent and, according to most recent data, the unemployment rate is 9.5 percent. Memphis’ 16,920 small businesses, 893 midsize businesses, and 1,523 large businesses need reform to help create jobs and grow their local economy.
However, as shown by the EY study released in July, limiting interest deductibility to “pay for” reform is not pro-growth. With a new tax on interest, gross domestic product in the three states that make up the Memphis metro area would be $1.1 billion lower and compensation would be reduced by over $150 million in the long-run.
“It is wonderful to see Rep. Camp and Sen. Baucus continue their efforts on tax reform, but they must understand that any limit on interest deductibility will hurt the majority of businesses in Memphis and throughout the country, said Beth Solomon, President and CEO of the National Association of Development Companies. “We need pro-growth tax reform that encourages business investment and more jobs, not proposals that would have the opposite effect.”
Click to enlarge/ Right-click to save