NRF, the world’s largest retail trade association, has welcomed the proposal on comprehensive tax reform released by US President Donald Trump.
American retailers were content with the decision of much-needed comprehensive tax reform. “What matters most is that we enact pro-growth tax policy for both individuals and businesses. This puts money back in the pockets of hard working Americans, helping to grow businesses and industries in the communities where consumers live and work,” said Matthew Shay, President and CEO, NRF.
It may be mentioned here that the US has one of the highest corporate tax rates in the world, and retailers pay the highest effective tax rate of any industry, at or close to the maximum 35 per cent. Lowering the rate for businesses would significantly improve American companies’ ability to compete in a global marketplace and will drive more investment to the United States.
Also Read – Retail imports to increase 4.6% in H1 FY ’17: NRF
NRF is optimistic that when tax reform crosses the finish line it won’t include a border adjustment tax or any other scheme that shifts the financial burden to consumers. “Taxing imports would not only raise prices for consumers, it would ultimately cost American jobs and shutter American businesses. We look forward to continued conversations with the administration and Congress to make pro-growth tax reform a reality,” added Shay.
