Restructuring the nation’s tax code should be geared toward delivering long-term economic growth, rather than as an attempt to answer short-term federal budget revenue needs, says NAIOP President and CEO Thomas Bisacquino in an opinion editorial for The Hill.
The piece, in part, reads:
“In the CRE industry, owners and operators often must wait years, even decades, to recoup their investments. Meanwhile, they keep pouring further spending into their properties to keep them up to code and to deliver the perks tenants demand. CRE doesn’t deliver immediate rewards, but forces owners to make the necessary long-term investments that will pay off for them and the economy.
Likewise, as they look at ways to reform the nation’s tax code, lawmakers should also be taking the long view. Any changes should be geared to deliver long-term economic growth, rather than be an attempt to answer short-term federal budget revenue needs in ways that could harm the patient investors the economy needs.
It has been a generation since the tax code was last reformed. It’s long past time to update our tax code to the 21st century, drafting a code that spurs economic growth and increases our international competitiveness. In doing so, our leaders must avoid the temptation to think in terms of “political time,” with an eye on the next election, and instead take the long view.
The White House and House and Senate Republican leadership are releasing broad, agreed-upon principles that will guide their tax reform efforts. When lawmakers return after the August recess and attempt to put those principles into legislative language, they should come up with a tax code that encourages entrepreneurship and investment, while also maintaining protections for those who put money at risk on long-lived investments.”
Read the full opinion editorial on The Hill online.
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About NAIOP: NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 18,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit www.naiop.org.