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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


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