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On June 30th, CGB and COT sent a letter to House and Senate leadership on the three-percent withholding mandate.
The letter stated, “This withholding requirement will create complex systems of tracking and reimbursing contractors for the payments, both within the government and within industry. The implementation and administrative costs of the requirement far exceed any benefit it may yield. Moreover, to the extent there was a legitimate concern about tax compliance, such concern has been effectively addressed by legislation enacted subsequent to the 3% withholding requirement. The implementation of such a costly – and now unnecessary – requirement is especially troubling during this time of fiscal uncertainty and continued economic softness, when companies of all sizes are trying to increase liquidity, and maintain and create jobs. For these and the following reasons, FEI strongly supports repeal of the 3% tax withholding law.”
[print version]
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