Invest in U.S. Jobs
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NRF supports policies that promote efficiency in taxes and regulation in order to generate investment and create jobs. Among the best examples is comprehensive tax reform, which eliminated tax breaks that benefited only a few industries and used the money saved to reduce tax rates for all businesses. The previous U.S. corporate tax rate of 35 percent, which was the highest of any major industrialized nation and hampered job creation by keeping U.S. companies from being competitive in the global economy, has been lowered to 21 percent, and small business “pass throughs” now receive a 20 percent deduction. Retailers were able to avoid proposals for both a consumption tax that would have been devastating for consumer spending (similar to a European value added tax) and a “border adjustment” tax that would have driven up the price of imported merchandise. In another victory, the U.S. Supreme Court has ruled that states can require online sellers to collect sales tax the same as local stores, ending an unfair internet price advantage that made it increasingly difficult for Main Street merchants to keep their doors open and continue creating local jobs.
- Comprehensive Tax Reform – Congress has finally “broadened the base” by eliminating special tax breaks that benefit a few industries and lowering tax rates for all businesses, a move that will restore U.S. competitiveness in the global marketplace.
- Sales Tax Fairness – The Supreme Court has helped protect the jobs created by Main Street retailers and the contributions they make to their communities by requiring online sellers to collect sales tax the same as local stores.
- Regulatory Reform – Policymakers have begun eliminating and streamlining federal regulations that interfere with job creation and economic growth, and should continue to do so.
The NRF Retail Opportunity Index encourages Congress to:
- Invest in U.S. jobs by implementing tax policy that makes U.S. companies competitive in the global economy and provides a level playing field among all sectors of the economy and all sectors of retail whether the merchant delivers its products in a store, through the mail or over the Internet.
- Open markets for consumer goods by tearing down trade barriers that drive up prices for American shoppers and limit export markets for American companies, ending regulations that artificially drive up prices, and making it easier for foreign visitors to come to the United States to shop.
- Modernize U.S. infrastructure by improving and expanding the current transportation system in order to end bottlenecks and inefficiencies and to make it easier for American companies to grow and be competitive.
- Support workforce investment by supporting jobs and economic growth rather than union organizers and expensive new regulations and mandates.
- Foster innovation in customer experience by working with retailers to improve credit and debit card security through agreed-upon standards rather than bank-issued mandates, and to protect privacy while still being able to give shoppers a customized and personalized experience online and in-store.
- Promote technology development by passing reform legislation that would block frivolous lawsuits threatened by “patent trolls” over dubious infringement claims.
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Find out how the retail industry impacts jobs, income and GDP in your state. View the map and check out the data.