More than 25% of Members of Congress have written House Ways and Means Chairman Dave Camp urging that LIFO repeal be taken off the menu of options for tax reform. Over the course of the past few weeks, ASA and others have been walking the halls of Congress to educate members and staff of the need to maintain this critical accounting tool, what a repeal would mean to small businesses and to add their name in support of LIFO.
Led by Oklahoma Republican James Lankford and California Democrat Mike Thompson, the bi-partisan letter garnered the support of 71 Republicans and 42 Democrats, totaling 113 Members of Congress. While many have said they certainly would oppose LIFO repeal if a vote were taken, they would not commit to a position at this time. However, with more than 25% standing up in favor of our position, users of LIFO now have a bit more leverage to prevent a repeal from advancing too far.
Having over a quarter of Washington’s policymakers opposing LIFO repeal and even more committing to opposing it on the House floor is a great start. But LIFO repeal is still a priority of the Obama Administration, as well as a number of key tax-writers in the House and Senate. In fact, LIFO repeal has been included in various draft tax reform bills out of the House, Senate and White House, so our work is far from over and in many ways is just beginning.
Fortunately, with the continuing stalemate in Washington and the coming mid-term elections, the widespread belief is that comprehensive tax reform, addressing the needs of businesses large and small, as well as individuals, is not likely to be wrapped up before 2017. Unfortunately, this continues to leave businesses with ongoing levels of uncertainty and lack of confidence to move forward with necessary investments in their business.
Our fight has not ended, and now we need your help. If your Member of Congress signed this letter, they deserve our thanks and support. To see the letter opposing LIFO repeal and whether your Member of Congress stood in support of this issue, click here. To write your elected representative and thank them, click here.
To learn more about ASA's positions on Legislative & Regulatory issues affecting the industry or if you would like to know how to get involved with ASA PAC, visit our Advocacy page or contact Catherine Treadwell, email@example.com, Director of Government Affairs.