Eric Hoplin, President and CEO of NAW, issued the following statement in response to the White House’s release of its fiscal year 2025 budget proposal:
“At a time when hardworking Americans are grappling with soaring inflation and a mounting national debt crisis, President Joe Biden’s budget would only exacerbate their struggles by burdening them with trillions in additional taxes, all to further an anti-business agenda.
The proposed tax hikes in the President’s budget constitute a clear assault on Main Street businesses and the families they sustain. While President Biden claims he is closing loopholes and raising taxes only on those earning more than $400,000 per year, his budget contains several tax increases on small businesses including wholesaler-distributors across the country. This will threaten the ability of the industry, which already has tight profit margins, to continue adding jobs, expanding benefits to employees, or reinvesting in local communities.
The Biden administration’s proposed budget represents a staggering increase in borrowing and spending, with nearly $5 trillion in new taxes on American families, while simultaneously adding over $16 trillion to our public debt.”
The National Association of Wholesaler-Distributors (NAW) is one of America’s leading trade associations, representing the $8.2 trillion wholesale distribution industry. Our industry employs more than 6 million workers throughout the United States, accounting for 1/3 of the U.S. GDP. 35,000 wholesale distribution companies operate in nearly 150,000 places of business across North America, including all 50 states. Learn more.