Retailers Urge Senate Passage of Tax Reform Bill
Yesterday, the National Retail Federation (NRF) wrote and open letter to the Senate to pass a comprehensive tax reform legislation set for a vote this week (as early as today), saying the measure would create jobs and boost the economy by bringing back investment that has gone overseas while also helping small businesses and consumers.
“NRF believes that tax reform will boost the economy, helping small and large retailers alike along with their customers,” NRF Senior Vice President for Government Relations David French said in a statement. French said the U.S. corporate tax rate of 35 percent is the highest in the industrialized world and has caused some U.S. companies to move investment out of the country while discouraging foreign companies from investing here.
Total Retail's Take: The proposed tax reform could have a big impact on retailers. The NRF argues lowering taxes for employers — including small businesses as well as larger chain retailers — would free up resources businesses could use to create more jobs. Furthermore, consumer tax breaks could boost spending, leading to future growth for the retail industry.