NRF Urges Tax Veto
Washington, D.C., The National Retail Federation (NRF) today asked President George W. Bush to reject a tax reform panel’s recommendation that would end the corporate tax deduction for imported goods, saying the move could cost consumers more than $200 billion.
“This proposal would result in one of the largest tax increases on American consumers in recent memory, and would be devastating for our nation’s economy,” NRF president Tracy Mullin said. “A large percentage of consumer goods sold in this country are imported from abroad, and subjecting those goods to the corporate income tax would drive up consumer prices dramatically. A tax increase of this size could send consumer spending into a tailspin, taking all of the jobs associated with those goods along with it.”
Charges Push Office Depot to 3Q Loss
Delray Beach, Fla., Office Depot Inc. reported a loss of $47.9 million in the third quarter, as compared to an $89.3 million profit in the year-ago period. The retailer attributed the downturn to asset-impairment costs, exit costs and options expensing. Without these, the retailer’s earnings were $115 million in the quarter. Revenues increased 5% to $3.49 billion in the quarter.
Whole Foods Creates Foundation for Third-World Entrepreneurs
Austin, Texas, Whole Foods Market announced the establishment of the Whole Planet Foundation, an independent non-profit that will fund collateral-free micro-loans as small as $100 to female entrepreneurs in developing countries where the company sources product.
“As we’ve done business around the world, we have increasingly felt the responsibility to help those communities where we’re trading,” said John Mackey, chairman and CEO, Whole Foods, in a release.
Women were chosen specifically to receive the loans, Whole Foods explained in a release, because they statistically have the greatest impact on Third World countries when given access to money for starting businesses.