Pro-Growth Strategy Should Focus on Reforming the Tax System
The National Retail Federation today issued the following statement from President and CEO Matthew Shay on the announcement that the Joint Select Committee on Deficit Reduction could not reach a final agreement:
"Even though we are disappointed that the supercommittee missed a genuine and historic opportunity to address the nation's financial and fiscal challenges, we remain hopeful that Congress can finally come together to tackle our country's short-term and long-term needs.
"Our fiscal needs cannot be adequately addressed until we reform our broken tax system. The best way to do that is through reform of the income tax system that broadens the tax base, by eliminating various special deductions and credits, and lowering the tax rate.
"At the same time, Congress should act to allow states, who are experiencing significant budget shortfalls, to reform their antiquated sales tax laws and finally shutdown the internet sales tax loophole – which could provide an additional $24 billion annually to fund critical state services and operations."
In September, NRF wrote a letter to the supercommittee urging the panel to focus on job creation and boosting the economy. Specifically, NRF called on the members to address corporate tax reform to spur economic growth, streamline the collection of sales tax for all retailers and repeal the unmanageable employer mandate provision of the health care law.
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.
Contacts:
National Retail Federation
Stephen E. Schatz, 202-626-8119
SchatzS@NRF.com
