NRF Urges Tax Veto

Washington, D.C., The National Retail Federation (NRF) today asked President George W. Bush to reject a tax reform panel's recommendation that would end the corporate tax deduction for imported goods, saying the move could cost consumers more than $200 billion.

“This proposal would result in one of the largest tax increases on American consumers in recent memory, and would be devastating for our nation’s economy,” NRF president Tracy Mullin said. “A large percentage of consumer goods sold in this country are imported from abroad, and subjecting those goods to the corporate income tax would drive up consumer prices dramatically. A tax increase of this size could send consumer spending into a tailspin, taking all of the jobs associated with those goods along with it.”