As the Presidential Gavel Changes Hands, Tax Reform Is Needed
The gavel probably weighed less than a pound, but when Tire Industry Association President Glen Nicholson passed it to Tom Formanek at TIA’s annual meeting on Oct. 31, a large weight was lifted from his shoulders.
For the last year, Nicholson has been driving the association’s work in training and government affairs. At the same time he was responsible for his day job as senior director of retail training for TBC Corp.
Formanek, regional sales manager for Stellar Industries Inc., will take over the next year. He says he plans to “keep the course,” which says a lot about Nicholson’s year as president.
TIA also passed one resolution on tax reform. Here is the resolution in its entirety.
Whereas, tax reform is a top priority for both the Democratic Party and the Republican Party in the 115th Congress; and
Whereas, numerous policy proposals would have either a positive or negative impact on association members; and
Whereas, the association urges lawmakers to carefully consider the financial impact of tax reform on industry small businesses.
Now therefore be it resolved by the Tire Industry Association, assembled this 31st day of October 2016, in General Assembly, that the association urges lawmakers to oppose legislation that will cause economic hardships on its members, specifically:
* Repeal of LIFO accounting system for tax purposes, targeting this industry and taking LIFO reserve and turning them into taxable income, causing havoc on cash flow, capital reserve, expansion opportunity, and for job opportunity.
* Raising the estate tax. “We urge lawmakers to repeal this unfair tax so that small business service station dealer and repair facility operators can keep their family business operations for future generations.”
* Repealing rather than raising fines, reporting requirements, costs, and workweek thresholds of the Affordable Care Act.
* Level the playing field with regard to state sales tax between “brick and mortar” retailers and online retailers.
* Repeal the Fair Labor Standards Act changes that raised the salary threshold for overtime pay and required time and a half pay for salaried managers and assistant managers that do not meet the salary threshold exemption.
The annual meeting was held in Las Vegas prior to the opening of the Global Tire Expo (GTE). Sponsored by TIA, the GTE will be held in the Las Vegas Convention Center from Nov. 1 through Nov. 4. It is part of the Specialty Equipment Market Association Show.