On Dec. 2, the ATA issued a statement saying that such reform will help trucking companies if and when it is reconciled with the House of Representatives version and is signed by President Donald Trump.
“With today’s action in the Senate, major tax reform is now on the cusp of becoming law and igniting America’s economic engine,” American Trucking Associations President and CEO Chris Spear said in the statement. “Reforming this onerous tax code will enable trucking companies large and small to invest more into their businesses, creating good middle-income jobs and stimulating growth up and down the supply chain.”
Dave Manning, chairman of ATA and president of Nashville-based trucking company TCW, Inc. also gave support to the newly-passed legislation.
“We see every day – in our operations, and those of our customers – what tax reform will do to get the economy moving ahead at full speed,” Manning remarked. “A growing economy means more trucks on our roads to keep store shelves stocked and Americans’ homes filled.”
The ATA has been an actively engaged throughout the legislative process in support of a tax overhaul. The organization recently hosted President Trump in Harrisburg, Pennsylvania, and strongly endorsed the tax reform framework that his administration worked to define with Congress.
The group has said that it fully endorses three basic principles of tax reform: lowering the tax rates on business income; broadening the tax base; and simplifying the tax code.
Before the Senate legislation can become law, it must be reconciled with the House bill that was passed Nov. 16, and the modified bill would have to be approved by both chambers of Congress, then signed by the president. Lawmakers have said this could occur by the end of the year.