WASHINGTON – The National Retail Federation today told Congress that lawmakers need to lower the nation’s corporate tax rate in order to remain competitive in the global economy and to keep high taxes from hampering job creation.
“The U.S. economy cannot thrive when we have the highest corporate tax rate in the industrialized world,” NRF Senior Vice President for Government Relations David French said. “Americans cannot sit by any longer and watch other nations continue to reduce corporate tax rates and attract our businesses and jobs. We must compete for this investment in our country and our workers.”
French called tax reform “vitally important to the U.S. economy,” saying it would “have an immediate positive impact on economic growth, real wages and consumer spending.”
French’s comments came in a letter to the Senate Finance Committee, which is scheduled to hold a hearing today on tax reform for businesses. The hearing is the second in a series, following one held last week on tax reform for individuals and another scheduled next week on international tax issues.