SEMA Show, Day One: 'no' to death tax
Randy Groh officially took over as president of the Tire Industry Association (TIA) at the organization's annual General Assembly on Oct. 29, 2012. He took the golden gavel from Larry Brandt, who for the next year will be the immediate past president.
"More and more, we're finding ourselves addressing legislative issues in the TIA," said Groh.
In that vein, one of Groh's first duties was to adopt two resolutions. They are:
1. Estate (death) tax repeal -- yes. The association backs all federal legislation supporting the full or permanent repeal of the estate tax, or, if necessary, legislation to extend the current law. After 2012, the top estate tax rate will increase to 55% with a $1 million exemption (it is currently 35% with a $5 million exemption).
"Protecting family businesses from the estate tax is important to keep small businesses operating for future generations," says TIA in its resolution. "In numerous national polls, small business owners confirm that their top legislative concern is permanent repeal of the estate tax."
2. Credit card fee surcharges -- no. Since 2001, interchange fees have tripled, according to TIA. In 2011 alone, the fees cost retailers and consumers approximately $48 billion.
TIA does not support a proposed settlement in a class-action lawsuit brought against VISA and MasterCard that will give merchant's "a limited sight to surcharge consumers and does not reduce swipe fees long-term."
In addition, TIA supports the efforts of the Merchants Payment Coalition to seek "a more competitive and transparent credit card system to better serve retailers and consumers."
The annual meeting was held in Las Vegas, Nev., one day before the start of the Global Tire Expo-Powered by TIA, which will run from Oct. 30 through Nov. 2. The Global Tire Expo is part of the Specialty Equipment Market Association Show.