NAED Government Affairs sent the following letter to members about the future of tax reform and LIFO repeal.
The association is asking members to contact Congress to prevent the negative impact of LIFO repeal.
Your help is needed to protect LIFO in tax reform; contact your Congressman and Senators.
Republican leaders are expected to release more details about tax reform sometime this week. It is clear that tax writers are intently looking for sources of new tax revenue that can be raised to offset cuts to corporate tax rates. Among some tax writers, any and all tax provisions that could raise revenue are on the table, LIFO repeal included.
Key members of the Senate Finance and House Ways and Means Committees MUST hear from businesses in their states and districts urging their opposition to LIFO repeal and explaining how repeal would negatively impact the employers and workers in their districts/states – their voting constituents.
We urge all of our members to contact their Representative and Senators and ask them to protect LIFO in tax reform. You can find contact information for their offices through the NAED website. Click here to contact your elected official directly.
When you call or email the office please identify your company as a constituent business and employer, and explain how repeal of LIFO would negatively impact your business – and the local economy. Please provide as much detail as possible. If LIFO is repealed you will have to lay off workers, postpone an investment, reduce or eliminate contributions to your workers’ retirement or health care plans…etc. Members of Congress and their staff will always listen to their constituents’ concerns.
NAED has a policy brief to help ensure you have the best talking points on the issue, but be sure to make them relevant to your company.
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