MSCI Joins Tax Reform Coalition
MSCI Joins Tax Reform Coalition
Ashley DeVecht (847) 485-3011; cell (616) 260-2785
ROLLING MEADOWS, Ill., July 22, 2013 — The Metals Service Center Institute (MSCI) announced today that it has joined the Coalition for Fair Effective Tax Rates, a new group that will argue for comprehensive tax reform at the federal level. MSCI joins more than 100 other organizations, including the National Federation of Independent Business, the S Corporation Association and the Small Business & Entrepreneurship Council, in this endeavor.
“We are excited to join this coalition, which will represent large and small businesses seeking to reform the tax code to spur economic growth, add jobs, increase fairness and reduce complexity,” said MSCI President and CEO Bob Weidner. “MSCI represents businesses that pay income taxes through both the corporate and individual rate systems. As such, tax reform must be comprehensive — lowering the corporate tax rate and rates for the small businesses or pass through entities that pay through the individual system.”
Collectively, the Coalition represents approximately 500,000 businesses, ranging from some of the nation’s top corporations to “main street” businesses that employ only a handful of workers. The individual members of the coalition are united in their belief that the tax code is broken and a burden on American job creators.
“Reducing the complexity of the tax code by eliminating some deductions and credits will allow lawmakers to reduce individual and corporate income tax rates,” added Weidner. “It will also reduce confusion and the amount of money small and large businesses spend to comply with code. This savings will allow our members to hire more workers, improve employee benefits and make more capital investments, all which will produce economic growth.”
The Coalition will illustrate to federal lawmakers the negative consequences of higher effective tax rates and ask Congress and the White House to use effective tax rates as a leading metric for tax reform. Specifically, the Coalition will use this metric to bolster support to broaden the tax base while lowering tax rates for corporations, pass through businesses and individuals. In doing so, the Coalition will not take position on individual tax deductions or credits that could be considered for elimination.
“It is also important that the federal tax code not choose winners and losers,” explained Weidner. “Whether it is through parity between the individual and corporate effective tax rates or by eliminating policies that favor one industry — or even one company — over another, we believe that the surest path to prosperity — for our members, American families, and the nation — is having a tax code that is fair and neutral across all industries and business sectors.”
For more information about MSCI’s position on and principles for tax reform, see its policy agenda. To learn more about the Coalition for Fair Effective Tax rates, see its website at www.FairEffectiveTaxRates.com.
Founded in 1909, the Metals Service Center Institute, based in Rolling Meadows, Ill., has over 400 member companies operating from more than 1,500 locations in the United States, Canada, Mexico and throughout the world. Together MSCI members constitute the largest single group of metals purchasers in North America, amounting each year to more than 55 million tons of steel, aluminum and other metals, with about 300,000 manufacturers and fabricators as customers. To date over $2.5 million in scholarships have been awarded through its chapters.