Home / Knowledge / News / Textiles / NRF urges US lawmakers to lower corporate tax rates
NRF urges US lawmakers to lower corporate tax rates
21
Sep '17
The National Retail Federation (NRF) has written to the US Senate Finance Committee urging lowering of corporate tax rates for US firms to stay competitive globally and to keep high taxes from hampering job creation. The 35 per cent rate is the highest in the industrialized world and US firms pay 39 per cent when state corporate taxes are included, said NRF.

Calling tax reforms ‘vitally important to the US economy’, NRF senior vice president for government relations David French said in the letter that it would “have an immediate positive impact on economic growth, real wages and consumer spending.”

The Senate Finance Committee held a hearing on September 19 on tax reforms for businesses, following one last week on tax reforms for individuals. A third hearing is scheduled next week on international tax issues.

The average corporate tax rate for Organization for Economic Cooperation and Development (OECD) nations is 24.7 per cent, and several countries have already passed laws that will lower their rates over the next few years, an NRF press release said quoting the letter.

A recent NRF analysis showed that the average employee of a US ‘C’ corporation — which is taxed separately from its owners — is paid $4,690 less per year because of high corporate taxes. Reducing the rate to 20 per cent could result in higher wages or the creation of between 500,000 and 1.5 million new jobs, the analysis concluded.

NRF called for tax reforms that would eliminate most tax breaks in favour of ‘substantially lower’ rates for all businesses. The reforms should also provide an adequate transition period after passage and should not shift the burden to consumers.

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. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

NCC applauds House passage of farm legislation

Textiles | On 22nd Jun 2018

NCC applauds House passage of farm legislation

The National Cotton Council (NCC) of the US has welcomed the passage...

Courtesy: Roman Pohorecki from Pexels

Apparel/Garments | On 22nd Jun 2018

UK launches inquiry on sustainability of fashion industry

The Environmental Audit Committee of the UK Parliament has launched...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Samar Firdos
Arvind Ltd

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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


June 2018

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

news category


Related Categories:

Advanced Search