The National Restaurant Association hailed the passage of the Bush tax plan as a "tremendous victory" for the foodservice industry. The NRA championed many of the items in the President's tax bill during several meetings at the White House. The association and its leadership have met personally with President Bush six times over a period of 11 weeks.
"The passage of this tax bill is a tremendous victory for the restaurant industry as a whole," says NRA president Steven Anderson. "The president and Congress saw how important across-the-board tax cuts would be to the industry, as it is the largest employer in the country after the federal government."
Among the issues included in the final tax package and supported by the NRA are the elimination of the estate tax, reduction in marginal tax rates and doubling the existing child care tax credit.
The Bush plan raises the estate tax exemption to $1 million in 2002, $1.5 million in 2004, $2 million in 2006 and $3.5 million in 2009. A full repeal of the tax takes effect in 2011.