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Tax reform bill passage a major victory for retailers: NRF
21 Dec '17
2 min read
The National Retail Federation (NRF) has welcomed the passage of the tax reform bill by the US House of Representatives and Senate. The bill will put more money in the pockets of US consumers and 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. That’s exactly what this legislation will achieve,” 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.
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.
US vice president Mike Pence described the vote as a “historic win” for the American people as the Senate voted to deliver working families and job creators a tax cut for Christmas, according to a news agency report.
NRF has led the retail industry’s fight for tax reform for years, calling on Congress to eliminate tax breaks that benefit only some industries and to use the revenue saved to lower rates for all companies, including small businesses. (DS)
“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. That’s exactly what this legislation will achieve,” 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.
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.
US vice president Mike Pence described the vote as a “historic win” for the American people as the Senate voted to deliver working families and job creators a tax cut for Christmas, according to a news agency report.
NRF has led the retail industry’s fight for tax reform for years, calling on Congress to eliminate tax breaks that benefit only some industries and to use the revenue saved to lower rates for all companies, including small businesses. (DS)
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