The ESOP Association sent out the following release this morning.
For Immediate Release: February 19, 2015
The ESOP Association Submits Comments to the Senate Committee on Finance’s Tax Reform Working Group Regarding Comprehensive Tax Reform
February 19, 2015 (Washington, DC) – On February 18, 2015, The ESOP Association submitted comments to the Senate Committee on Finance regarding tax reform, specifically stating how employee stock ownership plans (ESOPs) are spot on with the first six principles outlined by Finance Committee Chair Orrin Hatch (R-UT) for comprehensive tax reform, and arguably exceeding the seventh principle. The statement was directed to Senator Mike Crapo (R-ID) and Senator Sherrod Brown (D-OH), Chair and Ranking member of the Tax Reform Working Group on Savings & Investment.
As noted by ESOP Association President, J. Michael Keeling: “I ask only two things of the Committee members — for current ESOP tax policy to be viewed with objectivity and to be considered fairly during the process. As ESOPs meet, and exceed, the seven principles outlined by Senator Hatch for comprehensive tax reform (Economic Growth, Fairness, Simplicity, Permanence, Competitiveness, Promoting Savings and Investments, and Revenue Neutrality) we feel it is reasonable to ask that ESOP laws to promote the creation and operation of employee-owned companies be preserved.”
Read the full statement on The ESOP Association’s website: http://www.esopassociation.org/advocate/esop-bulletin.
The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website – www.esopassociation.org and blog – www.esopassociationblog.org.