Retailers Cheer House Passage of 2018 Budget
The retail industry was encouraged by the U.S. House of Representatives’ passage of a 2018 budget that will allow the Senate to pass tax reform with a simple majority of 51 votes, viewing it as a major milestone on the road to meaningful tax reform.
“Retailers welcome the final passage of the 2018 budget resolution,” said Jennifer Safavian, EVP of government affairs for Arlington, Va.-based Retail Industry Leaders Association (RILA). “Congress can now focus its attention on passing much-needed tax reform that benefits American consumers and businesses alike. A simpler tax code that lowers rates and addresses inequities will put more money back in customers’ pockets and encourage businesses to grow. As we approach the holiday shopping season, retailers are excited to see reforms that give American consumers and retailers a boost. We look forward to working with Congress and the Administration to get it done.”
“By quickly passing the budget resolution without further delay, Congress has signaled that they’re truly serious about tackling tax reform this year,” observed David French, SVP for government relations at the Washington, D.C.-based National Retail Federation (NRF). “Lowering the corporate tax rate and cutting middle-class taxes would help businesses create more jobs and put more money into consumers’ pockets. The positive impact tax reform would have on the economy can’t be ignored, and [the Oct. 26] vote clears the way for the hard work that will be required to make it happen.”
The reaction was similar from the grocery channel in particular.
“NGA applauds the House for passing the Senate’s budget, which is an important step in allowing the tax reform process to move forward,” noted Peter J. Larkin, president and CEO of Arlington-based National Grocers Association (NGA), which focuses on the independent grocery sector. “For decades Main Street supermarkets have faced significant tax burdens, often paying a very high effective tax rate. We have a unique opportunity to reform our tax system and help make local American businesses more competitive. We look forward to reviewing the House Ways and Means Committee’s legislative language once it’s released and working with representatives and senators to pass smart reform that ensures Main Street businesses are able to take advantage of a reformed tax system and help grow their businesses and create jobs.”