Fibre2Fashion
Dec 21, 2017
NRF calls controversial tax reform bill passage 'a major victory' for retailers
Fibre2Fashion
Dec 21, 2017
The National Retail Federation (NRF) has welcomed the passage of the divisive tax reform bill by the US House of Representatives and Senate. The bill, which will reduce corporate tax from 35% to 21%, is 'a major victory for retailers' who currently pay the highest tax rate of any business sector, NRF president and CEO Matthew Shay said in a statement.
“Our priorities were clear: reform must jumpstart the economy, encourage companies to invest here in the United States, increase wages and expand opportunities for employees, and protect our small business community, of which the vast majority are retailers,” Shay said.
The Senate approved the $1.5-trillion tax bill, which includes permanent tax breaks for corporations and temporary tax cuts for individuals, by a final vote of 51-48. The House of Representatives earlier passed the bill by 227 to 203 votes.
The highly-politicised bill was nevertheless criticised by those who insisted that it would negatively impact the middle class. "Thousands of dollars in tax hikes for middle class is no laughing matter," read a tweet from Senator Tammy Duckworth's office. "It's a bad deal for our state and for everyone who isn’t a multimillionaire, tax lawyer or corporate CEO. I’ll keep fighting for tax reform that works for all Americans, not just the wealthy, mega-corporations."
For final approval, the legislation must go back to the House for a procedural issue before it can be sent to the White House for the president to sign it into law.
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