A new Republican plan to overhaul the U.S. tax system received rave reviews from a wide variety of associations Wednesday, although some warned against cutting existing tax credits and deductions that benefited their industries.

The proposed GOP plan was outlined in a nine-page "framework" that spelled out many of party's goals in coming months. One proposal was to slash the corporate tax rate from 35 to 20 percent—a top priority for many business groups, although some would like to see the rate reduced further. Republican leaders also want to cut taxes for individuals, particularly the wealthy and middle class, according to a Washington Post analysis.

One question the framework's supporters have yet to answer is how much their plan will cost government in lost revenue. Another is what tax breaks lawmakers would be willing to eliminate to offset those losses. http://wapo.st/2fRUSN0

Most business groups welcome the lower tax rates Republicans are promising. However, several are also are positioning themselves to defend the tax breaks that help their industries.

"Of concern, however, is the proposed limit to interest deductibility—a century-old provision that helps companies grow over the long term," American Investment Council CEO Mike Sommers said. "Interest deductibility is an essential component of businesses which rely on debt financing—companies of all sizes and across all sectors."

Below is a roundup of association responses to Wednesday's announcement:

Joshua Bolten, CEO, Business Roundtable
The proposed tax reform plan, "including a globally competitive rate and a shift toward a territorial system, is an important step in the process and we need to keep the momentum building. The immediate task at hand is to act on a budget resolution that can make tax reform possible."

Robert Cresanti, CEO, International Franchise Association
"Simply put, the president and congressional Republicans' plan to lower taxes across the board and to eliminate the estate tax will supercharge our economy. With more money in their pockets, business owners can hire more employees, expand operations, open more locations, and give more back to their communities."

Randall Luthi, president, National Ocean Industries Association
"Today's tax reform proposal put forward by House and Senate Republicans is another breath of fresh air for U.S. businesses and workers. When combined with the Trump Administration's drive for energy dominance, we are beginning to see a coherent and comprehensive strategy to drive American business competitiveness at home and to challenge our competition globally."

Tim Pawlenty, CEO, Financial Services Roundtable
The tax announcement "reflects a commitment to delivering a simpler and fairer tax code that grows the economy and benefits more hardworking Americans. As Congress puts pen to paper this fall, the financial industry looks forward to continuing to be a constructive partner in passing reform."

Edward Hamberger, CEO, American Association of Railroads
"As the private freight rail sector has said repeatedly, tax reform begins with adjusting the statutory business tax rate to a globally competitive level. Rate reduction would help generate economic growth for our customers, attract foreign companies to build and hire workers in the U.S. and spur private capital investment across the board."

Tom Donohue, CEO, U.S. Chamber of Commerce
"Now, we are entering into a crucial new phase of the effort to overhaul the tax code, and the hardest work is just beginning. The business community will engage throughout the process as lawmakers work through the hard decisions ahead and craft a tax system that improves competitiveness, spurs job creation, and promises higher wages for American workers."

Cicely Simpson, EVP of public affairs, National Restaurant Association
"The National Restaurant Association applauds the tax reform framework released moments ago. We look forward to engaging with the President and Congress as the negotiations regarding tax reform continue."

Matthew Shay, CEO, National Retail Federation
"As an industry that pays at or close to the full 35 percent federal corporate tax rate, our focus is on eliminating tax breaks that benefit only a few industries and using the money saved to lower rates for all businesses. If you get the rate low enough, that would benefit everyone equally and fairly without the need for special treatment that favors one sector of the economy over another."

Charles Rivkin, CEO, Motion Picture Association of America
"The U.S. film and television industry supports two million American jobs and 88,000 small businesses across all 50 states. Meaningful tax reform, as reflected in this framework, will promote our nation's global competitiveness and encourage more domestic production and jobs in American industries, including film and television."

Jay Timmons, CEO, National Association of Manufacturers
"Manufacturers have championed a 15 percent corporate tax rate and will work with tax writers to ensure the final package has this goal in mind. A lower rate for pass-through entities is essential to ensuring small businesses are not left behind, as is ending the double taxation on overseas earnings and prioritizing research and development and investments in facilities and equipment."

Gary Shapiro, CEO, Consumer Technology Association
"The outline released today lays out types of proposals that will help accelerate America's innovation engine, creating jobs and boosting our competitiveness. This framework calls for critical measures such as lowering tax rates and encouraging U.S.-based companies to return trillions of dollars in profits from overseas, boosting critical investment here at home and encouraging the growth of companies large and small."

Gordon Smith, CEO, National Association of Broadcasters
"As lawmakers undertake the critical next step of crafting the details of this legislation, America's broadcasters will continue to make the case that the tax reform goals of simplicity and economic growth will be undermined by any limitation to the full and immediate deductibility of business advertising costs. Advertising is a driving engine of the American economy, supporting millions of jobs and generating hundreds of billions in local economic activity, and this deduction must be fully retained in any successful tax reform effort."

Jack Gerard, CEO, American Petroleum Institute
"The right pro-growth tax policies can accelerate these economic investments and create more jobs while keeping energy affordable for consumers. This includes strong cost-recovery provisions, which are a critical part of any pro-growth tax code to allow new investment and help fuel the U.S. economy."

Pamela Bailey, CEO, Grocery Manufacturers Association
"This is our best opportunity in 30 years to enact meaningful tax reform. Congress must take swift action on bold, pro-growth tax reform to provide much-needed relief to American families and the businesses that create jobs for American workers."

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