Industry Groups Give Trump’s Tax Plan a Qualified Thumbs-Up

President Trump unveiled his proposal to dramatically remake the U.S. tax code, and many of the provisions are seen as a plus for family-owned businesses. Under the president’s plan, all American businesses would face a much lower tax rate — 15 percent vs. the current maximum rate of 35 percent. Additionally, Trump’s plan would eliminate the estate tax or “death tax.”

Here are some trade-association reactions to the tax plan:

National Association of Manufacturers (NAM)

“President Trump has listened to those who feel they work harder today for less or are out of a job,” said NAM president and CEO Jay Timmons. “The president delivered on his commitment to put the force of the White House behind policies that will grow the manufacturing economy in the United States and raise standards of living for everyone in our country. By modernizing our tax code and making it more competitive, manufacturers—and all businesses—will find it easier to invest their next dollar and create their next job here in the United States. It can mean more jobs, better jobs and more money in their paychecks. It means lifting more people up and empowering more Americans to improve their lives.”

National Federation of Independent Business (NFIB)

“We applaud President Trump for continuing to push for tax reform that would provide relief to businesses of all sizes and structures,” said president and CEO Juanita Duggan. “Small business makes up nearly half of the economy and nearly half the jobs. If the goal of tax reform is to boost the economy, then tax reform must start with small business. The president’s proposal for rate parity would make American businesses immediately more competitive. A low, single business tax would supercharge the economy, and create an even playing field for small businesses and large corporations. We are very happy that the White House has listened to small businesses.”

U.S. Chamber of Commerce

“As an advocate for pro-growth tax reform, the U.S. Chamber welcomes the White House’s strong push today to advance tax reform,” said president and CEO Thomas J. Donohue. “We’ve got a once-in-a-generation chance to do tax reform, and if we do it right, it can be the single most important step our leaders take to drive economic growth. To get this done, it will take leadership from the White House, hard work and compromise in the House and the Senate, and engagement from the private sector. We are encouraged to see the White House push forward new policies that can help drive job creation, investment, and economic growth. It is critical to accelerate the economy after a decade of sluggish growth. We hope this action today from President Trump and his team will advance the national conversation so we can get on with reforming our outdated tax code.”

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