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:
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.
Other Resources for Contacting Congress in Support of LIFO
“Pro-LIFO” Message Template on The LIFO Coalition’s Contact Congress Page: