WASHINGTON, 2017-Apr-29 — /EPR Retail News/ — The National Retail Federation today (April 26, 2017) welcomed the proposal on comprehensive tax reform released by President Trump.
“Retailers commend the president for his leadership on much-needed comprehensive tax reform,” NRF President and CEO Matthew Shay said. “What matters most is that we enact pro-growth tax policy for both individuals and businesses. This puts money back in the pockets of hard working Americans, helping to grow businesses and industries in the communities where consumers live and work.”
“The United States has one of the highest corporate tax rates in the world, and retailers pay the highest effective tax rate of any industry,” Shay said. “Lowering the rate for businesses would significantly improve U.S. companies’ ability to compete in a global marketplace and will drive more investment to the United States.”
“The devil is in the details, but we are optimistic that when tax reform crosses the finish line it won’t include a border adjustment tax or any other scheme that shifts the financial burden to consumers,” Shay said. “Taxing imports would not only raise prices for consumers, it would ultimately cost American jobs and shutter American businesses. We look forward to continued conversations with the administration and Congress to make pro-growth tax reform a reality.”
NRF has led the retail industry in supporting comprehensive tax reform that would broaden the tax base and lower the corporate tax rate. Retail benefits from few of the tax breaks that lower tax bills for other industries, and pays the highest effective corporate tax rate of any sector of the U.S. economy – at or close to the maximum 35 percent.
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.