FOR IMMEDIATE RELEASE
Contact: Jenna Weisbord, 202-662-0766
Members of the Franchise Business Community Pledge to use the Resources Saved as of Result of Tax Cuts & Jobs Act to Invest in Employees, Businesses and Local Economies
WASHINGTON, May 24—The International Franchise Association, one of the strongest supporters of Congress and the Administration’s tax reform efforts, today applauded the House Ways & Means Subcommittee on Tax Policy for highlighting how tax reform is helping small businesses grow the economy and create jobs.
The passage of the historic tax reform legislation directly led to an increase in optimism surrounding the franchise economy and allowed for increased business expansion, workforce development and wage increases, and community reinvestment.
In a statement submitted for the record, IFA noted its January tax pledge as part of a year-long campaign to highlight business owners and brands that plan to use resources from the tax cuts to create more jobs, offer higher wages for American workers and bring benefits to hardworking families.
IFA stated the following benefits of the tax law, saying:
“…More than 360 franchise brands and individual franchise small business owners have signed a pledge to reinvest and grow their businesses. The tax bill has allowed franchise small businesses to turn their tax savings into growth for their businesses and for the industry – and importantly to also pass along the benefits to their employees and communities.
“With two-thirds of new jobs being created by small businesses and 80 percent of franchises filing as pass-through entities, the IFA fought for lower tax rates for the franchise sector, which includes 733,000 franchise businesses which support 7.6 million jobs. We appreciate the work of this committee which helped put this policy in place and look forward to working to continue to improve the business environment for America’s job creators.”
Celebrating 56 years of excellence, education, and advocacy, the International Franchise Association is the world's oldest and largest organization representing franchising worldwide. IFA works through its government relations and public policy, media relations and educational programs to protect, enhance and promote franchising and the more than 733,000 franchise establishments that support nearly 7.6 million direct jobs, $674.3 billion of economic output for the U.S. economy and 2.5 percent of the Gross Domestic Product (GDP). IFA members include franchise companies in over 300 different business format categories, individual franchisees, and companies that support the industry in marketing, law, technology and business development.