WASHINGTON, June 11, 2012 – The National Retail Federation today commended Senate Finance Committee Chairman Max Baucus’ call for business tax reform, saying the proposal would boost the economy and help create jobs.
“Senator Baucus is a leader on tax policy in Washington, and having him on board makes it clear that tax reform is not a matter of if but when,” NRF Senior Vice President for Government Relations David French said. “In the past several months, decision makers on both sides of the aisle from the Capitol to the White House have been lining up to say we need to fix the tax code. This is a bipartisan opportunity to get our economy back on track, and retailers are ready to do their part.”
“Tax breaks that benefit only a few industries aren’t going to help create jobs, if they ever did,” French said. “Whether you’re a manufacturer or a retailer, a simpler tax code with lower rates would let businesses invest money where it will grow the economy and create jobs, not where it fits into the tax code to bring the biggest tax break.”
In a speech today at the Bipartisan Policy Center, Baucus said lowering tax rates and eliminating uncertainty that results from a multitude of temporary tax provisions would generate economic growth and create jobs. The speech follows a series of hearings the Montana Democrat has held on the issue in the past year. Baucus did not say which tax provisions he wants to eliminate or to what level he wants to lower the current 35 percent corporate tax rate, but said he is working on a detailed proposal he hopes will draw bipartisan support.
NRF is leading the retail industry’s fight for tax reform, and has repeatedly called for broadening the tax base and lowering rates. President Obama, House Ways and Means Chairman Dave Camp, R-Mich.; and House Budget Committee Chairman Paul Ryan, R-Wisc., have each made proposals along those lines in recent months.
As the world’s largest retail trade association and the voice of retail worldwide, NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s Retail Means Jobs campaign emphasizes the economic importance of retail and encourages policymakers to support a Jobs, Innovation and Consumer Value Agenda aimed at boosting economic growth and job creation. www.nrf.com