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Today is April 15, which typically means Tax Day, but this year Americans got a couple of extra days to file their tax returns due to the Emancipation Day holiday in the District of Columbia. Even with this extension, we still have taxes on our brain – and we’re not the only ones. In a speech given this morning at the U.S. Chamber, House Ways and Means Chairman Kevin Brady (R-TX) announced his intent to produce a blueprint for comprehensive tax reform by this June. In his speech, Brady outlined six core principles to tax reform, which includes tax simplification and fundamental reform of the international tax rules.
Earlier this week NGA was a part of a larger tax conversation with Chairman Brady where we advocated for equitable treatment of pass through entities, of which over half of our member companies operate as, and made sure the Chairman understood the importance of preserving the Last-In, First-Out (LIFO) accounting method for many in the independent supermarket industry. Over half of NGA member companies operate as pass-through entities and 37 percent operate as a C-Corporation.
NGA has long advocated for a national tax structure that is fair, balanced, and equitable so grocers can continue to grow their businesses and create jobs. As Members of Congress move forward on comprehensive tax reform, NGA remains committed to continuing to work with the Chairman and other members of the Committee on this important effort.
You can view Congressman Brady’s prepared remarks from today here: http://waysandmeans.house.gov/tax-day-speech-2016/