ARLINGTON, Va. – The National Grocers Association’s (NGA) senior vice president of government relations and public affairs, Greg Ferrara, today issued the following statement on the tax reform legislation passed by the U.S. Senate:
“NGA applauds this important step toward once-in-a-generation tax reform that will help businesses grow and create jobs. Supermarkets are a high tax industry with the majority of independent grocers operating on just one to two percent net profit margins, meaning any reduction in the effective tax rate will significantly help these entrepreneurs hire additional staff, expand offerings, and upgrade their stores.
“We also commend Senators Johnson (R-Wis.) and Daines (R-Mont.) for their steadfast efforts to provide additional tax relief for pass-through businesses. By raising the deduction for pass-through business income, the Senate helped create a more level playing field for all grocers. House and Senate conferees must preserve these reforms so that Main Street supermarkets can benefit from tax reform. NGA urges Congress to send a final bill to the President’s desk as soon as possible so independent grocers can continue to invest in their companies, employees, and communities.”
Source: The National Grocers Association’s (NGA)