As tax reform discussions continue on Capitol Hill and with legislation potentially moving in the coming months, American Bankers Association President and CEO Rob Nichols today shared the association’s views on tax reform in a letter to Senate Finance Committee Chairman Orrin Hatch (R-Utah).
“ABA strongly supports tax reform that boosts economic growth and creates jobs by lowering tax rates for everyone and broadening the tax base in a manner that avoids picking winners and losers,” Nichols said. “A stronger economy would be good for the country, our members, and their customers. ABA is eager to work with the committee to craft a plan that meets these objectives.”
Nichols urged Congress to focus on enacting significant rate reductions for all businesses; conducting a careful review of policies that incentivize saving and disincentivize borrowing; avoiding industry-specific taxes; ending special tax preferences for credit unions and the Farm Credit System; and carefully designing transition rules. The letter follows ABA’s publication of its core principles for tax reform last week. For more information, contact ABA’s John Kinsella.