Retailers Say Senate Tax Bill Would ‘Energize Our Nation’s Economy’
WASHINGTON, November 9, 2017 –The National Retail Federation said a tax reform plan expected to be unveiled in the Senate tonight would provide a strong boost for businesses and consumers alike and shows that the chamber is committed to passing tax reform by the end of the year.
“This is a proposal that would cut taxes, create jobs and energize our nation’s economy,” NRF Senior Vice President for Government Relations David French said. “This plan would free up resources both large and small employers need to grow, and give middle-class workers tax cuts that would let them take home bigger paychecks to better support their families. That’s a win for everyone. We look forward to reviewing the details.”
“Moving quickly to expedite this process is a clear sign that senators are making passage of tax reform by the end of the year a top priority,” French said. “With reform now on the fast track in both chambers of Congress at the same time, the modernization of our tax code that has been needed for so long is finally in sight.”
Members of the Senate Finance Committee plan to release their tax reform proposal tonight. Earlier today, the House Ways and Means Committee approved its version of reform, the Tax Cuts and Jobs Act of 2017, and sent the measure to the House floor for debate next week. The two chambers will work in parallel to meet President Trump’s goal of having a final version on his desk by Christmas.
Like the House bill, the Senate measure is based on the Unified Framework for Fixing Our Broken Tax Code plan released in September after extensive negotiations between the House, Senate and White House that began early this year. Both would reduce the federal corporate tax rate to 20 percent from the current 35 percent, lower taxes on small business “pass throughs,” and reduce personal income taxes for middle-class workers.
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. 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 new jobs throughout the economy.
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. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.