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Tax reform bill takes center stage

By |  November 3, 2017

Photo credit: Ron Cogswell via Foter.com / CC BY

The talk in Washington these days has been about tax reform. Now, Washington has a tax reform plan to discuss.

The House of Representatives introduced a reform bill that will overhaul the tax system, lowering the corporate tax rate from 35 percent to 20 percent, reducing the cap on the mortgage deduction from $1 million to $500,000, and minimizing the number of tax brackets to either three or four.

The bill, dubbed the Tax Cuts and Jobs Act, also eliminates some state and local tax deductions.

“While we need to look further into how this proposal impacts the aggregates industry, particularly related to bonds, we appreciate the preservation of some of the deductions that help businesses in our industry,” says Laura O’Neill-Kaumo, senior vice president of government and regulatory affairs at the National Stone, Sand & Gravel Association. “This is the start of a conversation that will occur between the two chambers, and they are bound to have some competing visions. We look forward to being a part of the dialogue moving forward.”

The Association of Equipment Manufacturers (AEM) hailed the release of the House bill.

“Equipment manufacturers have tirelessly advocated for pro-growth tax reform that improves the business environment for manufacturers in the United States and makes us more competitive as a nation,” says Dennis Slater, president of AEM. “True reform is going to require hard work. Our elected leaders, regardless of party, should take their cues from the 1.3 million men and women of our industry, and put in the hard work necessary to enact meaningful and permanent tax reform that will create jobs and grow our economy.

“The Tax Cuts and Jobs Act introduced today is an important first step toward meaningful reform of our outdated tax code,” Slater adds.

Kevin Yanik

About the Author:

Kevin Yanik is the editor-in-chief of Pit & Quarry magazine. Yanik can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

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