Ahead of White House Tax Event, IFA Announces Hundreds of Franchise Owners Giving Bonuses and Wage Increases
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Ahead of White House Tax Event, IFA Announces Hundreds of Franchise Owners Giving Bonuses and Wage Increases
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, April12—The International Franchise Association (IFA), one of the strongest and most vocal supporters of Congress and the Administration’s tax reform efforts, released a pledge signed by nearly 400 members of the franchise small business community, and their employees, who will directly benefit and plan to grow because of the Tax Cuts and Jobs Act.
IFA launched the tax pledge in January as part of its 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. The commitments come in conjunction with several IFA members and their employees participating in a Rose Garden ceremony at The White House today recognizing how employees are benefiting from the new law.
“Following the passage of historic tax reform, franchise optimism spiked across the country and small business owners are reinvesting in their businesses, communities and improving the lives of their greatest assets, their employees,” said IFA President & CEO Robert Cresanti. “For years, the burdensome and complex tax code held back small business owners and stifled new investments, but thanks to the leadership of President Trump, Speaker Ryan, Leader McConnell, Chairmen Brady & Hatch, among so many others, the recent tax overhaul has been a critical step toward improving America’s business climate.”
“The recent tax cuts have made it easier for me to invest not only in my future but the futures of my children,” said Chris Howard, a senior account employee of FASTSIGNS International in Mosely, VA. “With a 15-year-old autistic son, tax relief has allowed me to provide much-needed extra activities my son needs medically to stimulate and settle his mind. Our future is certainly on the right path and I am excited to see what it holds.”
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.
“I consider myself fortunate to have been able to increase wages across the board to all my 55 employees as a direct result of the President’s tax bill,” said Larry Patterson, franchise owner of Glass Doctor in Dallas, TX. “It truly has been a welcome relief and allowed us to invest in our future, brand and community like we have never done before.”
To view the full tax pledge, click here.
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About the International Franchise Association
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.