IFDA Statement on Proposed Tax Reform Plan
Statement from Mark Allen, President & CEO of the International Foodservice Distributors Association (IFDA) and Chair of the Coalition for Fair Effective Tax Rates regarding the release of the Tax Cuts and Jobs Act
IFDA applauds Chairman Kevin Brady of the House Ways and Means Committee, his colleagues on the Committee, and Republican leaders for producing a historic tax reform plan that will bring much needed relief to American businesses. The legislation would represent the largest reduction in business tax rates in our nation’s history and ensures closer parity between different industries. Wholesaler-distributors are currently taxed at an effective tax rate of 37%, which is significantly higher than many other industries. A tax plan that views reform through the lens of effective tax rates is more fair and equitable than our current system. In addition, the bill immediately doubles the estate tax exemption and then phases in full repeal. IFDA has long supported this kind of comprehensive tax reform.
With a combined annual sales of almost $300 billion, IFDA Members are vital drivers of the American economy. As one of the largest employers in the U.S., a tax reduction of this magnitude would allow our member companies to use the savings to invest in growing their businesses, creating jobs, and giving back to their communities.
We look forward to working with Chairman Brady and his colleagues in the House and the Senate to advance this legislation.