NPES, PIA Associations Commend GOP Tax Reform Framework
RESTON, Va. - September 29, 2017 - NPES President Thayer Long commends the GOP tax reform framework announced by President Donald J. Trump and House and Senate leaders as a solid starting point, which provides full and immediate expensing of capital investment, including for new cutting-edge printing, publishing, converting and mailing technology. “This framework’s focus on economic growth and jobs, along with its inclusion of full and immediate expensing, reflects one of NPES’ top government affairs priorities, for which the Association has advocated for many years,” said Long. “Full and immediate expensing is the single-most powerful pro-growth, job-producing provision in the entire framework.” But Long cautioned, “as with all legislation, details matter, so NPES will closely monitor the legislative process, provide more analysis as specific information emerges, and weigh-in where needed.”
Additionally, NPES Vice President, Government Affairs Mark J. Nuzzaco stated that, “NPES member company executives and their employees should be prepared to advocate directly with their members of congress when the time is ripe.”
Summarized, the GOP tax reform framework includes the following business-related provisions supported by NPES:
- Full and Immediate Expensing of Capital Investment: The single-most powerful pro-growth, job-producing element of the proposal, full and immediate expensing, could grow the long-run size of the U.S. economy by 4.2 percent, which would lead to 3.6 percent higher wages and over 800,000 full-time jobs – The Tax Foundation – part of which would result from increased investment in printing, publishing, converting and mailing technology.
- Lower Corporate Tax Rates, Including Pass-Through Entities: Provides a top corporate rate of 20%, and 25% for pass-through entities, which comprise the majority of smaller businesses and are the source of many jobs, including those in the printing, publishing, converting and mailing industries.
- Repeal of the Estate Tax: Provides for the preservation, continuity, and economic feasibility of transferring family-owned businesses from one generation to the next, and
- Retention of the Research & Development Tax Credit: Providing for the retention of the R&D tax credit that facilitates technological innovation and the new jobs that flow from it.
PITTSBURGH - September 29, 2017 - Printing Industries of America is hailing the tax reform plan outlined by President Trump as a pro-growth game changer for its member companies and the printing and packaging industry at large.
President & CEO Michael Makin today released the following statement:
“For years, PIA has called upon Congress to enact tax reform that will boost domestic manufacturing industries, including printing, by addressing tax burdens faced by small and mid-sized companies. The tax reform framework unveiled by President Trump today answers this call in many ways.
Specifically, the tax reform plan aligns with PIA’s tax reform advocacy agenda in the following ways:
- Lower Tax Rate on S-Corps and Pass-Through Companies: The plan calls for a top rate of 25% for small businesses and, importantly, urges Congress to include provisions to prevent high-worth taxpayers from attempting to re-characterize individual income to unfairly take advantage of this small business tax reform.
- Full and Immediate Expensing: The plan calls for an unprecedented expansion of full expensing of capital investments, which will further unleash innovation in the printing industry through the purchase of cutting-edge presses and equipment.
- Repeal of the Estate Tax: The plan would encourage the value and economic stability of family-owned printing companies by repealing the estate tax and generation-skipping tax.
- Preservation of the R&D Tax Credit: The plan would preserve this important credit to ensure vendors, suppliers, and printers are able to develop and promote new technologies.
- Simplification of the Tax Code: The plan attempts to simplify the tax structure for both individual and corporate taxpayers.
The tax reform effort now begins in earnest in Congress as the Senate Finance and House Ways & Means Committees draft detailed legislation. PIA recognizes that difficult choices will need to be made by the tax-writing committees regarding business tax credits and deductions not specifically outlined in the framework released today. Notably, PIA will be closely monitoring any attempts to eliminate or reduce the deduction of the cost of advertising as an ordinary business expense and will work with the over 100 bipartisan U.S. Representatives who earlier this year sent a letter to the House leadership urging preservation of this deduction.
PIA recognizes this tax reform plan as a bold, once-in-a-generation effort. We stand ready to assist the White House and lawmakers from both sides of the political aisle as they seek to enact meaningful, comprehensive tax reform that will spur economic growth and innovation in the printing and packaging industries.”
Printing Industries of America will continue to monitor the progress of the tax reform and will provide more in-depth analysis as the plan advances.
The preceding press releases were provided by a companies unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of Printing Impressions.