The National Retail Federation (NRF) has welcomed the approval of tax reform legislation by the US Senate finance committee and urged the Senate to approve the bill. As tax reform is the key to increased prosperity that all businesses and middle-class workers desire, senators should set aside their differences, NRF president Matthew Shay said.
The finance committee recently approved the Senate’s version of tax reform. A vote by the full Senate is expected after Thanksgiving Day on November 23. The federal corporate tax rate may be reduced to 20 per cent from the current 35 per cent and taxes for small business ‘pass throughs’ and middle-class workers may come down.
Both the House and Senate bills would provide the first comprehensive rewrite of the US tax code since 1986, according to an NRF press release.
NRF has led the retail industry’s fight for tax reform for years, urging the US 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.
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. (DS)
Source Fibre2Fashion News Desk – Indi