Broader Tax Base & 21% Corporate Rate Achieves Tax Fairness

Broader Tax Base & 21% Corporate Rate Achieves Tax Fairness

Hana Greenberg, vice president, tax, at the Retail Industry Leaders Association (RILA), issued the following statement in response to the House passage of the Build Back Better spending bill:

“Retailers are strong advocates for a competitive corporate tax rate, where all profitable companies contribute to the needs of the nation. The spending bill passed today by the House keeps the corporate tax rate at 21 percent and, through the inclusion of a minimum tax, seeks to correct the inequities in the current tax code that has allowed some companies to legally pay nothing in federal taxes while retailers and other industries pay full freight. This is a significant win for retailers, small businesses and other industries that fought to keep the rate at 21 percent and are already paying their fair share. 

“Keeping the corporate rate at its current level is extraordinarily important to retailers as they continue to invest in their people, businesses, and communities while navigating supply chain disruptions, talent shortages and a global pandemic. 

“As the larger spending plan heads to the Senate, retailers will continue to advocate to keep the corporate tax at 21 percent with the objective of a fairer tax code for all. While the details, through both the legislative and regulatory process, surrounding the minimum tax will be critical, the foundation of a broad base combined with a 21 percent corporate rate is the appropriate and fair approach for the tax code that retailers want to see included in the final version of the spending deal.” 
 

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RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.

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.
 

Tags
  • Tax
  • Public Policy
  • Investing in People
  • Retail Works for All of Us
  • Supporting Free Markets and Fostering Innovation

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