PHOENIX—A full tax reform measure could pass by late December, providing a potential boon to business owners, especially hoteliers. One industry leader, a former lawmaker, is hopeful.
“In the last 10 months, we have seen the stock market hit record highs, increased labor force participation, decreased unemployment, increased wages, increased tourism exports by 3.5% and consistent increases in GDP growth,” said Chip Rogers, president and CEO of AAHOA, about the national overview of today’s economy, during a session today at The Lodging Conference at the Arizona Biltmore. “…The economic factors that drive our nation forward are strong.”
Rogers believes that the need for relief for everyday Americans and small business owners is critical for continued growth.
“I am extremely optimistic that Congress will pass a significant tax cut by Christmas,” said Rogers. “The package under consideration includes tax relief for middle-class families and small businesses, the cornerstones of our community.” Both houses of Congress have already passed budget resolutions paving the way for House leaders to present their tax bill next week.
“For AAHOA members, the most important aspect of tax reform is bringing down rates on small business owners—a hallmark of this reform package,” he said. “We are also optimistic that the legislation will preserve a like-kind exchange under Section 1031 of the code, which provides critical capital access for hoteliers looking to expand their businesses and create new jobs. We’re expecting bill text this week, setting a timeline for a signing ceremony in December.”
With another historic election on the horizon that will dramatically impact the balance in Congress, Republicans are eager to put points on the board and pass important legislation, noted Rogers.
“Both the opportunities for historic achievements and the pressure to demonstrate progress, I believe, will be deciding factors toward advancement this year,” he said.
Rogers also stated that the nation’s outlook will remain positive as long as the key factors of job creation and economic expansion continue to improve.
“Looking ahead, the prospects for positive change are even greater,” he said. “Passing the tax reform package will have a dramatic and sustained favorable effect on our economy, and confirming officials to posts within many executive agencies will enable the administration to further cut regulations and bring much needed relief to small businesses.”