Retailers Encouraged Framework Focuses on Tax Fairness

Retailers Encouraged Framework Focuses on Tax Fairness

Keeps Corporate Rate at 21%

Hana Greenberg, vice president of tax at the Retail Industry Leaders Association issued the following statement in response to the draft Build Back Better framework released by President Biden:

“Leading retailers have long supported a federal tax code with a competitive corporate rate and a broad base. We are pleased the President’s framework rejects a rate increase, and instead focuses on the disparities of the current system which allow many highly profitable companies to pay no corporate tax while retailers pay full freight. This direction represents a more equitable approach to the tax code, which is exactly what leading retailers have advocated for throughout the year. 

“Keeping the corporate rate at 21 percent means retailers can continue to invest in their people, communities, and innovations to keep the business respondent to the everchanging needs of consumers. This is extraordinarily important as we navigate supply chain disruptions, talent shortages and a global pandemic.

“RILA stands ready to work with the White House and Congress to ensure the final tax plan is as efficient and effective as possible and accomplishes the objective of a fairer tax code.”

The Retail Industry Leaders Association sent a letter to lawmakers last month pushing policymakers to ensure all profitable companies pay their fair share in corporate taxes before they consider raising the corporate tax rate. RILA will continue to advocate for a fairer tax code that ensures all profitable companies share a more equitable tax burden to ensure lower tax rates for all industries.

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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
  • Retail Works for All of Us

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