Tax Reform: ‘Welcome And Long Overdue’

U.S. CHAMBER OF COMMERCE: “Tax reform will help families who are struggling to make ends meet and employers who want to grow their business and create new jobs. The U.S. Chamber is pleased to see consensus among Congressional leaders and the administration on a plan that will kick-start long overdue reform. Now, we are entering into a crucial new phase of the effort to overhaul the tax code, and the hardest work is just beginning. The business community will engage throughout the process as lawmakers work through the hard decisions ahead and craft a tax system that improves competitiveness, spurs job creation, and promises higher wages for American workers.” (U.S. Chamber, Press Release, 9/27/2017)

THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS: “We are grateful to the President and congressional leaders for remaining steadfast on tax reform. We are pleased to see that the initial plan calls for reducing taxes on pass-through companies, which represent the overwhelming majority of American small businesses. This is the beginning of a long process, and we look forward to more details. NFIB will remain engaged to ensure that tax reform starts with small business. Small businesses need meaningful reform that lowers their tax bill, allows them to invest in their business, create jobs, and grow the economy.” (National Federation Of Independent Business, Press Release, 9/27/2017)

NATIONAL ASSOCIATION OF MANUFACTURERS: “Today is a great day for those who believe America’s best days are still ahead. This tax reform framework is the type of bold action manufacturers have been calling for because it will spur economic growth for all Americans. The United States needs to continue to be the most attractive place to invest and start a business, and this initial proposal is a positive step in that direction. The final product, if properly designed, will strengthen manufacturing in the United States and make our economy more competitive,” said NAM President and CEO Jay Timmons. … We’re in a crisis right now involving economic growth. If we don’t act now—if we don’t seize this opportunity to modernize the tax code—we will not live up to our full potential as a country. This package embraces our people and our values that have always made America the best place in the world to do business. For the sake of American workers, it’s time to act.” (National Association Of Manufacturers, Press Release, 9/27/2017)

JOSHUA BOLTEN, President & CEO of Business Roundtable: “The ‘Big Six’ framework, including a globally competitive rate and a shift toward a territorial system, is an important step in the process and we need to keep the momentum building.” (Business Roundtable, Press Release, 9/27/2017)

JAMIE DIMON, Chairman of Business Roundtable: “Today’s announcement is an encouraging step forward in our shared goal of a tax system that delivers higher economic growth, job creation and wages that our country desperately needs. Congress must act with urgency on this framework and move the legislative process forward. Congress and the Administration are committed to tax reform, and business leaders are equally committed to pushing beyond our parochial interests to achieve a result that benefits the economy and American workers.” (Business Roundtable, Press Release, 9/27/2017)

BRIAN REARDON, S Corporation Association President: “Today’s release is good news for Main Street businesses and the families that work for them. The Framework announced this morning would help Main Street employers by lowering tax rates, eliminating the Alternative Minimum Tax, and repealing the estate tax. Implemented correctly, those provisions mean more investment and more jobs in communities across this country.” (S Corp, Press Release, 9/27/2017)

MATTHEW SHAY, President and CEO of The National Retail Federation: “…this is a very positive step forward to achieving the kind of comprehensive tax reform that is needed to keep our nation’s economy competitive in the global environment… This plan would provide much-needed relief for corporations, small businesses and middle-class individuals alike, and would help draw foreign capital and investment to the United States. This is the framework we need to unlock job creation and economic growth.” (National Retail Federation, Press Release, 9/27/2017)

KEN SPAIN, Spokesman For The American Made Coalition: “The American Made Coalition applauds the President and members of Congress for moving one step closer toward the goal of fundamental tax reform… We remain committed to working with Congressional and Administration leaders to ensure that the final tax reform package will help American businesses and protect U.S. jobs. We are encouraged that the framework includes a significantly lower corporate tax rate and ends the penalty on American companies that do business around the globe - two critical components for generating long-term economic growth. As the legislative process continues to take shape, we encourage Congress to consider thoughtful base-broadening provisions that do not impose onerous new taxes on U.S. businesses competing abroad. In the coming weeks and months, we look forward to working with members of Congress and the Administration to enact permanent reforms that will revitalize American manufacturing, increase wages, and grow jobs.” (American Made Coalition, Press Release, 9/28/2017)

RATE Coalition: “If enacted, the framework would be the first meaningful, comprehensive effort to fix our broken tax system in more than three decades. Since that time, countries the world over have been competing with each other while we have been all but ignored by the competition. The glaring fact is that America’s corporate tax rate – currently the highest in the industrialized world, and a full 15 percentage points higher than the OECD average – is out of step with global reality. Moreover, the burden of our antiquated tax code is being paid for by American workers, in the form of lower wages, fewer jobs, and lost opportunities. Reforming the tax code for businesses of all sizes will be a win for all Americans. After more than thirty taxing years of inaction, it’s high time for Washington to come together and finally seize this once-in-a-generation opportunity to do right by American workers.” (RATE Coalition, Press Release, 9/27/2017)

DEAN GARFIELD, CEO and President of ITI: “This is a serious proposal that has the potential to jump-start the economy and is deserving of our serious attention and praise.  We commend Congress and President Trump for their leadership in prioritizing tax reform. We share the goals of creating a globally competitive rate, moving to a territorial system, and protecting the R&D tax credit. Smart tax reform is the best way to grow the economy and put more money in the pockets of the American people. It has been 30 years since most Americans have seen any real wage gain.  That was also last time we had tax reform.  Tech companies continue to lead our nation in innovation and job creation but are held back by a tax code that predates the internet and digital economy. Congress has a golden opportunity to make the U.S. more globally competitive and level the playing field for American businesses by modernizing our current tax code. This plan offers an important springboard for the committees to work from.” (ITI, Press Release, 9/27/2017)

DIRK VAN DONGEN, President Of The National Association Of Wholesaler-Distributors: “Our industry has one of the highest effective tax rates of any industry sector, and the overwhelming majority of our members are pass-through businesses, so tax reform that levels the playing field while reducing our non-competitive tax rates for all business types and sizes is welcome and long overdue. We commend the House and Senate leadership, the Chairs of the tax-writing committees, and the Administration for advancing a bold framework for real tax reform.” (National Association Of Wholesaler-Distributors, Press Release, 9/27/2017)

JENNIFER SAFAVIAN, The Retail Industry Leaders Association Executive Vice President of Government Affairs: “Retailers are committed to tax reform that lowers rates for businesses and our customers. Today's announcement from the Administration, House and Senate leadership, and the Chairmen of the tax-writing Committees on a framework to overhaul our current system is a step in the right direction to put money back into family budgets and keep America competitive in the global marketplace. Despite being one of our country's top economic drivers, America's retailers face an average domestic tax rate of 36.7 percent—nearly 10 percentage points higher than the average for all industries. Tax reform that scrutinizes credits and deductions not applicable to all taxpayers and flattens rates for all will spur investment, job creation, and consumer savings. This is an unprecedented opportunity to pass a tax reform plan that benefits both businesses and consumers. Retailers will continue our work with Congress and the Administration to support reforms that create a fairer and more dynamic economy for all Americans.” (‘The Retail Industry Leaders Association, Press Release, 9/27/2017)

NANCY McLERNON, President And CEO Of The Organization For International Investment: “While countries around the globe have done the hard work of modernizing their tax code, America’s system has grown increasingly outdated. Inbound companies are in full agreement with the broader U.S. business community that a modernized tax system is critical to U.S. competitiveness.  American workers need a system that attracts investment – and the high-quality jobs it creates – by treating domestic and international firms equally.  While many of the details of tax reform must be flushed out, today’s framework offers millions of U.S. workers hope that economic growth and greater prosperity can be achieved.” (Organization For International Investment, Press Release, 9/27/2017)

KEVIN DEMPSEY, Spokesman For The CRANE Coalition: “This new framework makes important progress toward long-overdue tax reform and embraces rapid cost recovery as a necessary tool to meet the common goals of more domestic investment, greater economic growth and new jobs. By preserving accelerated depreciation and extending 100% bonus depreciation for at least five years, this framework signals a clear desire to keep the cost of capital lower to support greater investment at home and the jobs that will come with it.” (CRANE Coalition, Press Release, 9/27/2017)

AMERICAN CHEMISTRY COUNCIL: “We applaud the White House and Republican leaders in Congress for taking the next step toward modernizing our nation’s tax code. We hope to see enactment of a fair, simpler and internationally competitive system that promotes American economic growth and job creation. Chemistry is an advanced manufacturing industry and essential to our economy. We provide 811,000 skilled jobs and account for 14 percent of U.S. exports. Thanks to domestic shale gas, we are in growth mode: Since 2010, chemistry companies have announced $185 billion in new investment to build or expand facilities in the United States. We believe business tax reform must reflect the importance of American manufacturing and the jobs it creates. We support a substantial rate reduction, a competitive territorial system and transition rules that avoid financial dislocation, contraction or reduction in jobs. Reform should produce a more level playing field for U.S. and foreign companies when they invest at home or abroad.” (American Chemistry Council, Press Release, 9/27/2017)

AMBASSADOR CHARLES RIVKIN, CEO Of The Motion Picture Association of America: “The MPAA is encouraged by the tax reform framework released today by the Trump Administration and Congressional leaders. The U.S. film and television industry supports two million American jobs and 88,000 small businesses across all 50 states. Meaningful tax reform, as reflected in this framework, will promote our nation’s global competitiveness and encourage more domestic production and jobs in American industries, including film and television.” (MPAA, Press Release, 9/27/2017)

KENNETH E. BENTSEN, JR., Securities Industry And Financial Markets Association President And CEO: “SIFMA strongly supports tax reform and we are encouraged that the Framework announced today is another step toward a fair and competitive result for our members and their clients.  We agree with the authors of today's Framework that we need to modernize the Internal Revenue Code to enhance economic growth and improve the standard of living for all Americans.  SIFMA remains committed to promoting policies that grow the U.S. economy and preserve our robust capital markets. SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans.” (SIFMA, Press Release, 9/27/2017)