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NTU Endorses Bill to Reduce Burden of Taxes and Regulation

by Brandon Arnold / /

The Honorable Rod Blum
United States House of Representatives
213 Cannon House Office Building
Washington DC 20515

Dear Representative Blum:

On behalf of the members of National Taxpayers Union (NTU), I write in support of your legislation, H.R. 5818, the “Mandated Expenses Tax Relief Act of 2016.” This bill would allow businesses to immediately expense capital expenditures that were made to comply with federal laws and regulations.

As the tax code becomes increasingly complex and federal agencies continue to churn out more and more regulations, businesses are faced with staggering compliance costs. Research compiled by NTU Foundation reveals that tax code compliance saps approximately $234.4 billion out of the economy annually. Meanwhile, according to the Competitive Enterprise Institute, the total cost of federal regulations is nearly $1.9 trillion (some of which is attributable to tax compliance). Your legislation would help ease the hardship caused by these enormous burdens by permitting full expensing of property purchased to comply with federal taxes and regulations.

Although your bill would not entirely negate the harmful effects caused by government excess and overreach, it would provide substantial relief to businesses. This would, in turn, help entrepreneurs focus their attention on innovation and job creation, rather than tax and regulatory compliance.

NTU is pleased to endorse the “Mandated Expenses Tax Relief Act of 2016” and we urge all Representatives to cosponsor your bill and work towards its swift passage.

Sincerely,
 
Brandon Arnold
Executive Vice President