Local Businessman Testifies on Capitol Hill About Comprehensive Tax Reform
WASHINGTON – Today the Chief Financial Officer of Naperville-based and family-owned Eby-Brown Co., Mark Smetana, testified in front of the House Ways & Means Committee regarding the treatment of privately-held businesses in the context of tax reform. Smetana previously served as the Chairman of the Private Company Policy Committee of Financial Executives International (FEI), a 15,000 member-company organization. Congressman Roskam asked Smetana to appear before the Ways and Means Committee today to hear from a Illinois-based private businessman.
“It is an honor and privilege to be invited to testify at today’s hearing regarding the treatement of privately-held businesses in the context of tax reform,” Smetana said at the hearing. “This hearing comes at an important time as America’s businesses continue to struggle with lingering economic uncertainty.” You can read his full testimony here.
“I’m proud a Chicagoland business was represented at a Ways & Means hearing on an issue as consequential as comprehensive tax reform. The challenges Mark Smetana and Eby-Brown face help demonstrate how our current tax system creates economic barriers for local businesses to grow, innovate, and create jobs. I want to congratulate Mark on his expert testimony and his incredibly important message. Fundamental tax reform would allow American companies to unleash their competitive spirit, growing the American economy and creating more jobs.”
Eby-Brown Co. is a 100-year old family-owned wholesale distributor to the convenience store industry. They operate out of seven locations throughout the United States. Eby-Brown employs roughly 2,500 employees, distributes goods to 13,500 retail locations and has $4.5 billion in annual sales.
Background on Privately-held Businesses:
- 54% of all businesses in IL are organized as pass-throughs (“The Flow-Through Business Sector and Tax Reform,” Ernst & Young, 04/2011)
- 59% of business income is earned by pass-throughs (“Who Earns Pass-Through Business Income,” Congressional Research Service, 02/16/2012)
- 70% of manufacturers are organized as pass-throughs (“NAM Disappointed By President's Endorsement Of Massive Tax Hikes On Small Manufacturers,” National Association of Manufacturers, 07/23/2009)