IFDA Applauds Passage of Tax Cuts and Jobs Act
Statement from Mark Allen, President & CEO of the International Foodservice Distributors Association (IFDA) regarding Senate passage of tax reform.
IFDA applauds Senate Majority Leader Mitch McConnell, Finance Committee Chairman Orrin Hatch and their Republican colleagues for passing legislation that represents the largest reduction in business tax rates in our nation’s history to bring much needed relief to American businesses. The bill reduces the corporate tax rate to 20% and ensures closer parity between different types of businesses by increasing the pass-through business deduction to 23 percent. Given that IFDA Members currently pay an average effective tax rate of 37%, a tax reduction of this magnitude will allow our member companies to use the savings to invest in growing their businesses.
We look forward to working with leadership in both the House and Senate to advance this legislation to the President’s desk.