WASHINGTON, March 7, 2012 /PRNewswire-USNewswire/ -- On March 7, 2012, The ESOP Association submitted comments to the House Ways and Means Committee which held a hearing on the treatment of closely-held businesses in the context of tax reform. Ninety percent of the Association's approximately 1,500 corporate members are closely-held and over 1,000 are structured as S corporations.
Citing the 2012 General Social Survey evidencing that companies with employee stock ownership were four times less likely to lay off employees during the Great Recession than conventionally owned companies, ESOP Association President, J. Michael Keeling, urged the Congress to consider job sustainability when reforming the Federal tax code.
The ESOP Association's statement for the record will be available on the Association's website, www.esopassociation.org, and on the blog, www.esopassociationblog.org. Additional information about the 2010 General Social Survey can be found here http://www.esopassociation.org/media/media_pressreleases_020812.asp.
The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website - www.esopassociation.org and blog – www.esopassociationblog.org.
SOURCE The ESOP Association