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National Restaurant Association - NRA asks Congress to extend lower tax rates

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NRA asks Congress to extend lower tax rates

The National Restaurant Association this week urged House lawmakers to pass a one-year extension of current federal tax rates and lay out a roadmap to consider more fundamental changes to the U.S. tax code in 2013.

Tax rates for businesses, individuals and some investments that have been in place since 2001 and 2003 are set to expire Dec. 31.

"The consensus among economists is that the economy is likely headed for a drastic decline in 2013" if Congress doesn't act to extend the lower rates, the NRA said in a July 31 letter to House members. "The current uncertainty surrounding next year's tax structure is already having a negative impact on investment, job creation, and consumer confidence," said the NRA's Scott DeFife, executive vice president, policy and government affair.

The NRA also encouraged lawmakers to reform the tax code. "Comprehensive tax reform is necessary to provide a simpler, fairer, more competitive tax structure for both small and large businesses," DeFife wrote.

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