WASHINGTON — The National Retail Federation said it welcomed a proposal unveiled by House Ways and Means Committee Chairman Dave Camp, R-Mich., to reform the nation’s corporate tax structure.
“This is a major step forward in drafting a simpler and fairer tax system that would ultimately help create jobs for American workers,” NRF president and CEO Matthew Shay said. “Retailers would see lower tax bills under this proposal and would pass much of that savings along to our customers. That would result in higher sales and more demand for merchandise that would boost jobs not just in stores but throughout the supply chain and many other sectors of the economy.”
Camp Wednesday released a discussion draft for corporate tax reform that would lower the current top corporate tax rate from 35% to 25% in return for eliminating certain tax deductions and credits. The deductions and credits were not identified, but as a domestic industry that receives few such tax breaks, retailers welcome the simplification and fairness that would result from the plan.