Wednesday, June 29, 2011

LIFO Under Heavy Attack from Obama Administration

As the United States continues to move closer to its $14.3 Trillion debt ceiling in August, negotiations between Congressional leaders and the White House have broken down over the Obama Administration's insistence on increasing revenue through tax increases, including a repeal of LIFO and a tax on LIFO reserves. This proposal represents a devastating and unprecedented retroactive tax on businesses and could cause price increases and in some cases force businesses to shut their doors.

With just over a month left in debt limit negotiations, it is important for HARDI members to act now and let our leaders know how devastating the Obama Administration's proposed LIFO repeal would be to manufacturers, suppliers and distributors. All HARDI members are encouraged to take a few minutes and contact the leaders listed below and tell them how vital LIFO is to your business and our industry.

Urge These Elected Officials to Oppose a LIFO Repeal

President Obama : (202) 456-1111
Senator Max Baucus: (202) 224-2651
Rep. Chris Van Hollen: (202) 225-5341

Thank These Leaders for Standing up for LIFO
Speaker of the House John Boehner: (202) 225-0600

Senator Jon Kyl: (202) 224-4521
Majority Leader Eric Cantor: (202) 225-4000

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