We asked business people around the country: What would a repeal of LIFO mean for your business?
"LIFO is vital to the ongoing success and survival of our company…
"The tax benefits allow us to remain in the market...In fact, without those savings, we would have to drop our employee 401(k) plan, slow our growth, and possibly even retract our employee count...None of which can be good for the company."
"My employees would suffer as I would not be able to continue their benefits at the level I currently do.
"I would have to pass on all health insurance costs to them as well as reconsider how I match and contribute funds to their 401(k). Also, layoffs or reduced work weeks to cover the financial impact would have to be considered. There would not be any pay increases if I had to pay my reserve back quickly. The impact in this stagnant area would be almost impossible to overcome."