NRF urges US Congress to extend support to tax bill

The National Retail Federation, the world’s largest retail trade association, representing departmental and specialty stores, main street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries, has welcomed the tax reform legislation introduced recently and urged the US Congress to back it.

“President Trump wants to sign tax reform into law by Christmas, and we think that would be the perfect present for the American people and the US economy,” NRF President and CEO Matthew Shay said in a press release.
Reducing corporate taxes will free up resources firms need to create jobs and bring back investment that has gone overseas to countries with lower rates, Shay said. Tax reform is the industry’s top economic policy priority, he added.

The tax bill based on the Unified Framework for Fixing Our Broken Tax Code plan released in September was introduced recently following negotiations between the House of Representatives, the Senate and the White House.

NRF has strongly supported the plan’s proposal to reduce the federal corporate tax rate to 20 per cent from the current 35 per cent, its proposal to tax small business ‘pass throughs’ (tax paid by businessmen on income derived from their business on their personal income tax returns) at 25 per cent, and provisions to reduce personal income taxes for middle-class workers, according to the NRS release.

A recent NRF analysis found that reducing the corporate tax rate to 20 percent could result in the creation of between 500,000 and 1.5 million jobs.

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