The National Retail Federation (NRF) is applauding the nation’s newly-enacted tax law, which it said will level the playing field for its merchant-class constituents.
According to Matthew Shay, president/CEO of the retailer trade group, “Passage of tax reform is a major victory for retailers who currently pay the highest tax rate of any business sector, and for the millions of consumers they serve every single day.”
Shay said the legislation will help achieve NRF’s priorities of jumpstarting the economy, encouraging domestic investment, increasing wages and expanding opportunities for employees, and protecting smaller independent dealers by reducing taxes for “pass throughs.”
“Most importantly,” he said, “this historic tax reform will put more money in the pockets of consumers — the best Christmas gift middle-class Americans could ask for this holiday season.”
But analyses by nonpartisan think tanks, Congressional budget offices and leading economists think otherwise, and point to the consensus $1 trillion in debt that the tax code changes will add to the nation’s deficit.
NRF said it has fought for tax reform for years in order to eliminate tax breaks for select industries and use the saved revenue to lower rates for all businesses.