What’s Coming Up On Federal Tax Reform? Check Out Edge To Find Out
Last month, Republican congressional leaders and the White House released their “Unified Framework for Fixing Our Broken Tax Code.”
As the Metals Service Center Institute’s (MSCI) statement indicated, MSCI believes comprehensive federal tax reform represents the most important opportunity in a generation to strengthen economic growth and to bring greater prosperity, choice and control to our industry and American families.
The framework released in September is a set of guidelines policymakers should strive to achieve. It is therefore short on the details and does not fully address our members’ priorities, which we outlined in our comments to U.S. Senate Finance Committee Chairman Orrin Hatch (R-UT).
MSCI pledges to work with our industry colleagues to demonstrate to lawmakers the importance of ensuring:
- Corporate and pass-through rate parity. MSCI recently agreed to sign a letter organized by the Main Street Employers Coalition and the S-Corp Association that argued lawmakers must reduce rates for all businesses, including C corporations, S corporations, partnerships, and sole proprietorships).
- Preservation of LIFO. As Connecting the Dots noted last week, LIFO might be targeted for elimination. Companies that rely on LIFO should contact members of the U.S. House Ways and Means and U.S. Senate Finance committees to advocate for its preservation.
- Interest deductions.
- Permanent and immediate expensing for capital investments.
Congress is moving fast on this issue—the Ways and Means Committee is expected to release full draft legislation on Nov. 1. Check out Edge to find out what else you need to know about this debate.