ARLINGTON, Va., Sept. 27, 2017 /PRNewswire-USNewswire/ -- The Retail Industry Leaders Association (RILA), the trade association for today's most recognized and innovative retail brands, issued a statement applauding this morning's announcement from Congress and the Administration on their framework for tax reform. RILA Executive Vice President of Government Affairs Jennifer Safavian said the framework unveiled today represents an historic opportunity to fix a broken tax code and boost economic growth.
"Retailers are committed to tax reform that lowers rates for businesses and our customers. Today's announcement from the Administration, House and Senate leadership, and the Chairmen of the tax-writing Committees on a framework to overhaul our current system is a step in the right direction to put money back into family budgets and keep America competitive in the global marketplace."
"Despite being one of our country's top economic drivers, America's retailers face an average domestic tax rate of 36.7 percent—nearly 10 percentage points higher than the average for all industries. Tax reform that scrutinizes credits and deductions not applicable to all taxpayers and flattens rates for all will spur investment, job creation, and consumer savings.
"This is an unprecedented opportunity to pass a tax reform plan that benefits both businesses and consumers. Retailers will continue our work with Congress and the Administration to support reforms that create a fairer and more dynamic economy for all Americans."
RILA is the trade association of the worlds largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.
SOURCE Retail Industry Leaders Association