ARLINGTON, VA – On behalf of the member companies of the Food Marketing Institute (FMI), FMI President and CEO Leslie G. Sarasin offered the following statement, encouraged by the House Ways and Means Committee moving quickly to craft and consider legislation designed to reduce the tax burden on the American economy. Sarasin said:
“Food retail is a high tax industry, with most FMI members reporting a 32 percent or higher effective federal tax rate, as compared to food retailers in other countries who often pay a rate half of that or lower. The fact that American consumers continue to enjoy some of the lowest food prices in the world is a tribute to the strength of the food retailing industry and our strong relationships with food manufacturers, ranchers and farmers.
“FMI firmly believes that broad-based tax reform that lowers effective rates, simplifies the tax code and creates a level playing field for all industries will unleash innovation and help the industry create good-paying jobs for its associates and an enhanced shopping experience for its customers.
“We anxiously await the legislative markup of this text next week and hope the principles of low rates and fairness prevail so this truly becomes a once-in-a-generation legislation that gets our full support. We are grateful for the leadership of Chairman of the House Ways and Means Committee Kevin Brady (R-TX) and Speaker of the U.S. House of Representatives Paul Ryan (R-WI).”
Related content: Andrew Harig, FMI senior director of sustainability tax and trade, discusses the association’s main arguments on tax reform. Watch the video here.