Associated Builders and Contractors (ABC) today released the following statement regarding the White House fiscal cliff summit with corporate leaders.
“While we appreciate that President Obama has turned his attention toward the looming fiscal cliff, we regret his decision to shut out the small business community from these important discussions.” said ABC Vice President of Federal Affairs Geoff Burr. “While large, public corporations are important drivers of the economy, small, pass-through businesses in commercial construction and other industries stand to suffer the most from the president’s proposed tax increases.
“Despite the administration’s continued rhetoric about millionaires and billionaires, these tax hikes begin at just $250,000, a threshold that would raise marginal tax rates on nearly one million small businesses, none of whom are represented in today’s summit,” said Burr.
“By exclusively inviting Fortune 50 CEOs to speak for the broader business community, President Obama underscores his own misunderstanding of free enterprise and job creation,” Burr said. “Pass-through businesses employ 54 percent of the private sector workforce and account for the vast majority of all business entities, including 80 percent of the construction industry.
“That the White House would ignore this vast segment of the economy while engaging big business and big labor allies reflects a troubling lack of seriousness at this critical juncture,” said Burr. “With time running short, we sincerely hope President Obama will consider the job-killing impact of higher tax rates on small businesses.”