Washington, D.C. (Sept. 8, 2017)—With Congress back in Washington and focused on revamping our outdated and inefficient tax code this fall, the Independent Community Bankers of America® (ICBA) reminds policymakers of its community banker-inspired tax reform principles for a modernized and simplified tax code.
“ICBA is strongly encouraged by the increasing momentum for growth-oriented tax reform,” said ICBA’s President and CEO Camden R. Fine. “It is imperative, however, that we get the details right. ICBA’s tax reform principles will strengthen communities, promote economic growth and spur job creation. Future generations are counting on us.”
In ICBA’s white paper, ICBA Principles for Tax Reform, ICBA outlines nine recommendations, which center around strengthening the community bank–small business partnership: the foundation of local economic growth and prosperity. They include:
- Preserving the business interest deduction which is vital to small businesses, farmers and ranchers. See ICBA’s multiplier effect INFOGRAPHIC.
- Lowering marginal tax rates for individuals, corporations and businesses to spur business investment, hiring and consumer purchasing.
- Modernizing the Subchapter S business model to create more capital options and satisfy regulators’ higher capital demands.
- Creating targeted incentives to expand access to credit.
- Promoting tax parity among providers to ensure a level playing field and preserve choice.
- Repealing the estate tax, which threatens the intergenerational transfer of many community banks and small businesses and exacerbates consolidation.
- Preserving the mortgage interest deduction, which puts homeownership within reach of many Americans.
- Preserving the municipal bond interest exemption, which supports local infrastructure projects and spending on vital public services.
- Opposing new commercial bank taxes that distort the market and create counterproductive outcomes.
To view ICBA’s Tax Reform white paper in full, click here.
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.