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Comprehensive Tax Reform in the Fiscal Cliff

Date: December 12 2012

WASHINGTON, December 12, 2012 – The National Retail Federation today issued the following statement from President and CEO Matthew Shay on the Administration’s inclusion of corporate tax reform in the ongoing fiscal cliff negotiations:

“The National Retail Federation and our members have long advocated for comprehensive tax reform that includes broadening the base and lowering rates so that American businesses – which pay the highest corporate tax rates in the world – can compete on a level playing field in the global marketplace.

“While we are pleased that the President has historically supported and recently indicated his willingness to address the issue, this should not be a proposal made in the 11th hour of the fiscal cliff debate or made for political purposes to advance a narrow agenda during this crucial time in our history.

“If Congress and the Administration are serious about reforming our uncompetitive tax system, it’s critically important that the plan is discussed openly and in detail – with every stakeholder – and should be just one part of a broader approach to reforming the long term fiscal situation of the U.S. economy.

“Any change to the tax code should free businesses – large and small – to drive economic recovery through job growth and investment.”
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.