Statement By American Investment Council’s Mike Sommers on Tax Framework

Statement from American Investment Council President and CEO Mike Sommers on the “Unified Framework for Fixing our Broken Tax Code”:

“The American Investment Council supports the process to reform our outdated and overly complex tax code. The United States is in desperate need of pro-growth tax reform and this framework includes many smart solutions for a simpler and fairer tax system.

“Of concern, however, is the proposed limit to interest deductibility – a century-old provision that helps companies grow over the long term. Interest deductibility is an essential component of businesses which rely on debt financing – companies of all sizes and across all sectors. Our industry is committed to sustainable economic growth by advancing access to capital, job creation, and retirement security through responsible long-term investment, and we believe tax reform requires similar long-term growth solutions. We look forward to working with the Administration and the Congress in support of a tax code that encourages this view as we strengthen the entrepreneurial spirit throughout our country.”

-Mike Sommers, President and CEO, American Investment Council