FMI Encouraged by House Action, Senate Engagement on Tax Cuts and Jobs Act

ARLINGTON, VA – On behalf of the member companies of the Food Marketing Institute (FMI), FMI's Chief Public Policy Officer, Jennifer Hatcher, offered the following statement on the progress made by Congress to advance pro-growth tax reform. Hatcher said:

“Today marks an important step forward in Congress’ efforts to create a modern, simplified tax code that establishes parity among industries and helps fuel growth and job creation.  I want to congratulate House Ways and Means Committee Chairman, Kevin Brady (R-TX), on the successful completion of the mark-up of his legislation, H.R. 1 – the Tax Cuts and Jobs Act. 

“I would also like to applaud Senate Finance Committee Chairman, Orrin Hatch (R-UT), on the expected introduction of Senate legislation later today to reform the tax code.

“FMI is committed to working with leadership in both chambers to guarantee that the final package that emerges from this process works for our members and our industry.  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. So we have an enormous amount to gain from reform. After waiting almost thirty years for Congress to move forward on real tax reform, seeing today’s progress toward that goal is truly exciting.”