Retailers support new tax reform proposal

The National Retail Federation and the Retail Industry Leaders Association are throwing its support behind the tax reform proposal released Wednesday by the Trump administration and congressional leadership.



According to the NRF, the measure could provide a major boost for the nation’s economy.



"We look forward to hearing more details but this is a very positive step forward to achieving the kind of comprehensive tax reform that is needed to keep our nation’s economy competitive in the global environment,” NRF president and CEO Matthew Shay said. “This plan would provide much-needed relief for corporations, small businesses and middle-class individuals alike, and would help draw foreign capital and investment to the United States. This is the framework we need to unlock job creation and economic growth.”



RILA executive VP of government affairs Jennifer Safavian said the framework for the new proposal represents an "historic opportunity" to fix a broken tax code and boost economic growth.



"Today's announcement from the Administration, House and Senate leadership, and the Chairmen of the tax-writing Committees on a framework to overhaul our current system is a step in the right direction to put money back into family budgets and keep America competitive in the global marketplace," she stated. "Despite being one of our country's top economic drivers, America's retailers face an average domestic tax rate of 36.7% — nearly 10 percentage points higher than the average for all industries. Tax reform that scrutinizes credits and deductions not applicable to all taxpayers and flattens rates for all will spur investment, job creation, and consumer savings."