The National Retail Federation, the world’s largest retail trade association, representing departmental and specialty stores, main street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries, has welcomed the tax reform legislation introduced recently and urged the US Congress to back it as the measure would help preserve and create jobs.
NRF president and CEO Matthew Shay said that if current tax rates are allowed to expire at the end of this month, millions of Americans will see a massive tax hike on New Year’s Day that will force billions of dollars to be withheld from their very next paycheck.
Matthew Shay said that the President Trump wants to sign tax reform into law by Christmas, and we think that would be the perfect present for the American people and the US economy.
Reducing corporate taxes will free up resources firms need to create jobs and bring back investment that has gone overseas to countries with lower rates. Tax reform is the industry’s top economic policy priority..
According to a recent NRF analysis, reducing the corporate tax rate to 20 percent could result in the creation of between 500,000 and 1.5 million jobs.
As per the NRS release, they has strongly supported the plan’s proposal to reduce the federal corporate tax rate to 20 percent from the current 35 percent, its proposal to tax small business ‘pass throughs’ (tax paid by businessmen on income derived from their business on their personal income tax returns) at 25 percent, and provisions to reduce personal income taxes for middle-class workers.
The tax bill based on the Unified Framework for Fixing Our Broken Tax Code plan released in September was introduced recently following negotiations between the House of Representatives, the Senate and the White House.
NFIB President Juanita Duggan said that they are concerned that the pass-through provision does not help most small businesses. Small business is the engine of the economy. They believe that tax reform should provide substantial relief to all small businesses, so they can reinvest their money, grow, and create jobs.
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