NWRA Urges Senators to Oppose Tax Increases on Businesses in Budget Reconciliation Bill
Arlington, VA – The National Waste & Recycling Association (NWRA) joined other associations in a letter to U.S. senators urging them to oppose a tax on the financial statement income of certain businesses. This tax, known as the “book tax,” would result in fewer jobs and decreased wages and make it harder for American businesses to grow just as we are entering a period of recession.
“It is clear that a book tax would threaten American competitiveness,” said NWRA President and CEO Darrell Smith. “We urge the Senate to oppose the book tax in the final reconciliation legislation.”
Accelerated depreciation—the ability to recover the cost of acquiring an asset over a short time span, sometimes as soon as the year of purchase—has been in the tax code in some form since at least 1958. This policy encourages companies to invest in capital assets, such as machinery and equipment used by the waste and recycling industry, that power long-term economic growth. But unlike the tax code, the financial accounting rules upon which a book tax is based require depreciation over the useful life of an asset. As such, a book tax would effectively eliminate this long-established incentive to invest in the United States.
The National Waste & Recycling Association (NWRA) represents the private sector waste and recycling services industry. Association members conduct business in all 50 states and include companies that manage waste, recycling and medical waste, equipment manufacturers and distributors, and various other service providers. For more information about NWRA, please visit www.wasterecycling.org.
National Waste and Recycling Association