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National Restaurant Association - NRA gives kudos to Trump, Congress for tax reform plan

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NRA gives kudos to Trump, Congress for tax reform plan

The National Restaurant Association applauded the Trump Administration and GOP leaders for issuing a broad tax framework as the starting point for tax overhaul in Congress.

The framework, released Sept. 26, represents negotiations led by President Trump and his Administration, House Ways and Means Committee Chairman Kevin Brady, R-Texas, Senate Finance Committee Chairman Orrin Hatch, R-Utah, and House and Senate leadership.

“The National Restaurant Association applauds the tax reform framework,” said Cicely Simpson, our executive vice president of public affairs. “We look forward to engaging with the President and Congress as the negotiations regarding tax reform continue.”

Here are some of the highlights proposed in the framework:

  • Doubling the standard deduction to $12,000 for individuals and $24,000 for married couples; eliminating most itemized deductions, which impacts 30 percent of taxpayers
  • Retain mortgage interest and charitable giving
  • Compressing the current seven brackets to three: 12 percent, 25 percent and 35 percent
  • Repealing the individual Alternative Minimum Tax (AMT)
  • Eliminating most itemized deductions, impacting 30 percent of taxpayers
  • Repealing the "death tax"
  • Smaller business rates: the top tax rate would be 25 percent.
  • Corporate rates: the rate would be 20 percent. Also, AMT would be eliminated and immediate expensing of new investments for at least five years would be allowed.

Simpson said that if the proposal becomes law, it would help restaurant businesses “thrive and grow.”

Learn more about our work and stance on tax reform

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