The current tax code is plagued with uncertainty and complication that stalls economic growth, and discourages independents from expanding their operations. NGA is committed to advocating for reform of the tax code in a way that restores predictability and stimulates capital investment. We believe that reform must be balanced, fair, and provide nondiscriminatory lower rates for both C corps and all pass-through entities such as S corporations and LLCs.
In addition, the Last In, First Out (LIFO) accounting method is an important tool for many of NGA's member companies, and is a widely accepted accounting practice that has been recognized by the IRS since 1939. NGA would strongly oppose any proposals put forward calling for the repeal of LIFO and a tax on LIFO reserves.