WASHINGTON –The National Retail Federation welcomed today’s approval of landmark tax reform legislation by the House and called on the Senate to act quickly to pass its version of tax reform.
“This goes a long way toward passing tax reform by the end of the year,” NRF President and CEO Matthew Shay said. “We look forward to seeing the Senate move just as fast. Tax reform means more jobs, more competitiveness in the global economy, and more money in consumers’ pockets. That’s the boost our economy needs and we need it today.”
“As Secretary Mnuchin said this week, tax reform is all about economic growth,” Shay said. “As Congress works to get tax reform onto the president’s desk, we must keep up this momentum and let the details get worked out as the legislation progresses. Workable tax reform that can be signed into law is more important than perfect tax reform that can’t be passed.”
The House today voted to approve the Tax Cuts and Jobs Act of 2017, and the Senate Finance Committee is expected to approve its version of tax reform as soon as Friday with a vote by the full Senate to follow after Thanksgiving. While the details vary, both versions would cut the federal corporate tax rate to 20 percent from the current 35 percent, reduce taxes for small business “pass throughs” and lower taxes for middle-class workers.
Earlier this week, Shay served as moderator as Treasury Secretary Steven Mnuchin spoke at an Ohio Council of Retail Merchants event in Columbus. Last month, Shay told President Trump during a White House meeting with trade association CEOs that retailers strongly support tax reform as a way to create jobs and boost the nation’s economy.
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.