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NRF welcomes US tax reform proposal
02 Oct '17
2 min read
The National Retail Federation (NRF) has welcomed a tax reform proposal released by the US Government and congressional leadership, saying the measure could provide a major boost for the US economy. The plan would offer relief for corporations and small businesses and would help attract foreign capital, NRF president and CEO Matthew Shay said in a release.
As the retail sector pays at or close to the full 35 per cent federal corporate tax, its focus is on eliminating tax breaks that benefit a few industries and using the money saved to lower rates for all businesses, Shay said. Research shows this kind of reform will increase investment in the United States, increase wages and help customers, he said.
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries.
The middle-class relief provided in the proposal means consumers will have more money to spend, which will drive both retail sales and the nation’s economy, said Shay.
The 35 per cent US corporate tax rate is the highest in the industrialized world. A recent NRF analysis found that reducing the corporate tax rate to 20 per cent could result in higher wages or the creation of between 500,000 and 1.5 million new jobs. A lower rate could also encourage foreign retailers to invest more in their U.S. operations, Shay added. (DS)
As the retail sector pays at or close to the full 35 per cent federal corporate tax, its focus is on eliminating tax breaks that benefit a few industries and using the money saved to lower rates for all businesses, Shay said. Research shows this kind of reform will increase investment in the United States, increase wages and help customers, he said.
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries.
The middle-class relief provided in the proposal means consumers will have more money to spend, which will drive both retail sales and the nation’s economy, said Shay.
The 35 per cent US corporate tax rate is the highest in the industrialized world. A recent NRF analysis found that reducing the corporate tax rate to 20 per cent could result in higher wages or the creation of between 500,000 and 1.5 million new jobs. A lower rate could also encourage foreign retailers to invest more in their U.S. operations, Shay added. (DS)
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