Tax reformers must defend LIFO
March 14, 2016
The Cedar Rapids Gazette recently published a piece by John Bloom, formerly with John Deere Co., that defends LIFO as a valued accounting tool. Mr. Bloom urges those pursuing tax reform to reject proposals that would repeal LIFO, citing the harsh impact repeal would have on the businesses that use it.
With our leading role in the 2016 primary election, Iowans are being confronted with a variety of policy issues. We have a unique opportunity to help set the national agenda, especially on the Republican side.
One issue many of us are watching closely is tax reform. Amidst our efforts to nominate and elect candidates committed to a fairer, pro-growth flatter tax system, we must ensure their tax initiatives will benefit—not harm—the small business community. This is where proposals to ban LIFO fail.