ARLINGTON, Va. — The National Grocers Association here said Tuesday it is disappointed President Obama's latest tax reform proposals do not include smaller businesses, including pass-through entities.
"Simply put, tax reform that does not provide relief for pass-through entities is a non-starter," Peter J. Larkin, NGA president and chief executive officer, said. "NGA supports efforts ... to enact tax reform that are comprehensive. NGA has long said tax reform must be balanced, fair [and] equitable and provide lower rates for both C-Corps and pass-throughs so grocers can continue their commitment to serve their consumers, communities and employees."
Larkin said the president's proposal to lower the top corporate tax rate from 35% to 28% is "a step in the right direction." However, NGA was disappointed the proposal did not include relief "for Main Street America, particularly businesses operating as pass-through entities, such as S-Corps and LLCs, which are taxed at the individual rate," he added.
Those entities experienced a tax increase to 39.6% from 35% last January "in a last-minute deal to avert the fiscal cliff. As it is, businesses filing taxes individually are already paying higher rates than C-Corps."
Larkin said NGA looks forward to working with Congress "to enact meaningful comprehensive reform that enables independent grocers to grow their businesses and create jobs."
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