Obama proposes ending LIFO to boost tax revenue

07/13/2011 | Wall Street Journal, The

In an effort to increase federal tax income as part of the debt debate, President Barack Obama has proposed banning the last-in, first-out -- or LIFO -- method of accounting, which is widely used by small businesses. "We see this is as a tax increase for small business," said NFIB's Kevan Chapman. "Many of our members will be greatly affected if this proposal went through."

View Full Article in:

Wall Street Journal, The

Published in Brief: