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Posts Tagged 'tax reform'

We are pleased to present below all posts tagged with 'tax reform'. If you still can't find what you are looking for, try using the search box.

ABC Tells Fox Business Tax Reform Will Spur Construction Hiring

Any additional dollar that can stay in a construction company's cash flow can be invested in hiring and retaining talented workers. That was one of the messages ABC President and CEO Mike Bellaman conveyed this week during two live Fox Business Network appearances, as the House Ways and Means Committee unveiled a bill that reforms the tax code. 

Treasury Department Report: Construction Faces Highest Tax Burden

New analysis from the U.S. Department of the Treasury shows that the construction industry pays the highest effective tax rate—the percent of income businesses actually pay in taxes—of any sector of the economy. According to the report, the typical construction company faces an average effective federal tax burden of 30.3 percent, well above the 23.3 percent average for all US businesses.

ABC National Tax Panel Hits Capitol Hill

On Nov. 17, the ABC National Tax Advisory Group (TAG) gathered in Washington, D.C., to advocate for the tax priorities of merit shop contractors and the broader construction industry. TAG members from the Eastern Pennsylvania, Florida East Coast, Central Florida, and Georgia chapters were in attendance as the group met with senior staff representing Senate Majority Leader Mitch McConnell (R-Ky.), the Senate Finance Committee, and key members of the House Committee on Ways and Means.

Congress Renews “Extenders” for the 2014 Tax Year

The United States Senate passed a one-year “extenders” bill Dec. 16, retroactively renewing 55 previously expired tax credits and other key policies for the 2014 tax year. The 76-16 Senate vote echoes the overwhelming 378-46 House approval earlier in the month and sends the bill to the President’s desk where the White House signaled he will sign it into law. ABC recently joinedmore than 500 industry groups in urging the swift passage of such legislation.

Extension of Tax Provisions Urged by ABC and Industry Groups

This week ABC joined more than 500 industry groups in sending letters to the U.S. Senate and U.S. House of Representatives urging action during the Lame Duck session of Congress on the extension of important tax provisions that have already expired or will expire by the end of the year. 

Tax Season Reminds Construction Industry of High Effective Rates

Many ABC members were greeted with a significant tax increase this tax day, April 15. Construction contractors who survived the recession already paid the highest effective tax rate of any sector, and now they face even higher taxes thanks to rising marginal rates, reinstated limits on deductions, and new surtaxes on wages and income stemming from the health care law.

Tax Proposal Would Lower Construction Tax Rate to 25 Percent

U.S. House of Representatives Ways and Means Committee Chairman Dave Camp (R-MI) Feb. 26 released a draft of legislation designed to reform the tax code that proposes lowering the top tax rate for construction businesses from 35 percent and 39.6 percent to 25 percent, regardless of entity-level structure. The proposal confirms that the 25 percent Qualified Domestic Manufacturing Income (QDMI) rate would apply to “construction of real property in the United States as part of the active conduct of a construction trade or business.”

Study Finds Corporate-Only Tax Reform Could Hurt Small Businesses

A study completed by the Small Business Administration (SBA) found that corporate-only tax reform might cause many small businesses that file as pass-through entities to suffer the consequences of this one-sided solution. 

Big and Small Business Coalitions Unite on Comprehensive Tax Reform

The Coalition for Fair Effective Tax Rates and the Reforming America’s Taxes Equitably (RATE) Coalition held a joint press conferenceSept. 19 to support the passing of comprehensive tax reform that would lower both individual and corporate rates and eliminate distorting tax preferences. 

White House Plan Would Mean Billion Dollar Tax Hike for Contractors, Small Businesses

The White House corporate tax reform proposal unveiled by President Barack Obama in Chattanooga, Tenn., is no ‘grand bargain,’ said ABC. Obama’s plan consists of the same corporate tax cuts proposed last year paired with new stimulus spending for infrastructure and manufacturing paid for with one-time tax revenue.