Wednesday, August 2, 2017

Senate Finance Committee Drafting Tax Reform Bill

According to sources at the LIFO Coalition, Congress and the White House has begun working on a tax reform bill. Although the House tax reform Blueprint specifically called for LIFO to be preserved, the senate has moved forward with drafting their own version of a tax reform plan.

Sources have also stated that LIFO repeal is part of the tax reform discussion after Congress announced that the Border Adjustment Tax (BAT) will be struck out of their tax reform plan. The BAT was expected to raise more than $2 trillion in revenue, and Congress is actively looking for sources of revenue to pay for reduced tax rates in the absence of the BAT. What is known is that other revenue sources have to be found, and that search for other revenue puts LIFO in peril.

The Republican members of the Senate Finance Committee along with Chairpersons of the Republican Senate Committee and Conference will continue to work on a tax reform proposal once they return from their August recess . LIFO-PRO is urging companies that are headquartered in states with Republican Senators that are currently involved in drafting tax reform to contact their senators and ask them to preserve the LIFO method. A list of the Republican Senators that are actively involved in writing the tax proposal is listed below by state:

Republican Senators To Contact In Support of LIFO
State Senator Tax Reform Role
CO Cory Gardner Republican Senatorial Committee Chairman
GA Johnny Isakson Senate Finance Committee
IA Chuck Grassley Senate Finance Committee
ID Mike Crapo Senate Finance Committee
KS Pat Roberts Senate Finance Committee
KY Mitch McConnell Senate Majority Leader
LA Bill Cassidy Senate Finance Committee
MO Roy Blunt Vice Chairman of the Senate Republican Conference 
NC Richard Burr Senate Finance Committee
NV Dean Heller Senate Finance Committee
OH Rob Portman Senate Finance Committee
PA Pat Toomey Senate Finance Committee
SC Tim Scott Senate Finance Committee
SD John Thune Senate Finance Committee
TX John Cornyn Senate Finance Committee
UT Orrin Hatch Senate Finance Committee
WY Mike Enzi Senate Finance Committee

Take Action

LIFO taxpayers are being urged to utilize the Contact Congress page located on the LIFO Coalition’s website to contact your members of congress in support of LIFO.

Ask Congress to Preserve the LIFO Method

Other Resources for Contacting Congress in Support of LIFO

Pro-LIFO Message Template
LIFO Coalition Fact Sheet
GovTrack Representative/Senator Locator

“Pro-LIFO” Message Template on The LIFO Coalition’s Contact Congress Page:

Categories: LIFO Repeal