WASHINGTON, April 28—In response to reports that President Biden will tonight announce tax increases as he details his American Families Plan, Associated Builders and Contractors released the following statement:

“The president’s anti-growth tax increases will not only fail to raise the revenue needed to support his new government programs but will also hit our nation’s small and family-owned businesses the hardest,” said Michael Bellaman, ABC president and CEO. “While President Biden claims these increases would only impact the wealthiest Americans and corporations that can afford it, the reality is that investment in new small businesses would plummet, family-owned businesses would suffer, and small business owners would have less money to put back into growing their businesses and paying their employees. The Tax Cuts and Jobs Act offered incredible economic development, and maintaining important, pro-growth tax policies like these will be essential to ensuring the economy is able to fully recover from the COVID-19 pandemic.”