NGA Supports Obama's Proposal to Extend Tax Rates, Estate tax
Peter J. Larkin, President and CEO of the National Grocers Association (N.G.A.) today said the association supports the tax proposal announced by the president earlier today.
"N.G.A. commends President Obama for his proposal to extend the 2001 and 2003 tax rates for all Americans for two years,” said Larkin. “With over half of N.G.A. members operating as Subchapter S. corporations or other pass through entities, failure to pass at least a two year extension of these tax rates and other business provisions is simply not an option. The President's proposal to also extend the estate tax for two years at a favorable 35 percent rate with a $5 million exemption is a good start. While N.G.A.'s members will continue to advocate for full repeal of this onerous tax we are committed to working with Congress to pass this temporary measure to provide relief and certainty to thousands of family-owned businesses, which will be devastated should the estate tax return to pre-2001 levels.”
“N.G.A. and its members call on Congress to quickly pass these important measures that are vital to the nation's economic recovery and job growth by providing some certainty for planning over the next two years,” he added.
Arlington, Va.-based N.G.A. represents the retail and wholesale grocers that comprise the independent sector of the food distribution industry -- privately owned or controlled food retail company operating a variety of formats.