Home / Knowledge / News / Textiles / NRF urges US Congress to extend support to tax bill
NRF urges US Congress to extend support to tax bill
07
Nov '17
NRF urges US Congress to extend support to tax bill
The National Retail Federation, the world’s largest retail trade association, representing departmental and specialty stores, main street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries, has welcomed the tax reform legislation introduced recently and urged the US Congress to back it.

“President Trump wants to sign tax reform into law by Christmas, and we think that would be the perfect present for the American people and the US economy,” NRF President and CEO Matthew Shay said in a press release.

Reducing corporate taxes will free up resources firms need to create jobs and bring back investment that has gone overseas to countries with lower rates, Shay said. Tax reform is the industry’s top economic policy priority, he added.

The tax bill based on the Unified Framework for Fixing Our Broken Tax Code plan released in September was introduced recently following negotiations between the House of Representatives, the Senate and the White House.

NRF has strongly supported the plan’s proposal to reduce the federal corporate tax rate to 20 per cent from the current 35 per cent, its proposal to tax small business ‘pass throughs’ (tax paid by businessmen on income derived from their business on their personal income tax returns) at 25 per cent, and provisions to reduce personal income taxes for middle-class workers, according to the NRS release.

A recent NRF analysis found that reducing the corporate tax rate to 20 percent could result in the creation of between 500,000 and 1.5 million jobs. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Vietnam's textile-garment export turnover $16 bn in H1 '18

Apparel/Garments | On 19th Jul 2018

Vietnam's textile-garment export turnover $16 bn in H1 '18

Vietnam is among the world's five biggest textile exporters and...

Courtesy:  Pratibha Syntex

Apparel/Garments | On 19th Jul 2018

India's Pratibha Syntex aims $200 mn sales revenue by 2020

Pratibha Syntex, with interests in fibre, spinning, knitting and...

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Textiles | On 19th Jul 2018

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Kenya will use a Sh6 billion loan from India’s Exim Bank to expand...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Top executives
Textile industry, India

The event should be organised every year

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search