US retailers have welcomed the final passage of the tax reform bill in what The National Retail Federation (NRF) calls a “major victory” for retailers in the country.
The tax reform legislation was approved by House Republicans last month, with full Senate approval granted more than two weeks ago on 5 December. Yesterday (20 December), the House and Senate voted on final approval, paving the way for US President Donald Trump’s promise to sign it into law by Christmas.
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US Senate passes tax code overhaul
In a tweet following the vote, he said:
I would like to congratulate @SenateMajLdr on having done a fantastic job both strategically & politically on the passing in the Senate of the MASSIVE TAX CUT & Reform Bill. I could have not asked for a better or more talented partner. Our team will go onto many more VICTORIES!
— Donald J. Trump (@realDonaldTrump) December 20, 2017
The President followed up with a trio of subsequent tweets and videos celebrating the passage, including one to say “We are delivering historic tax relief for the American people!” and “Together, we are making America great again!”
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By GlobalData“Passage of tax reform is a major victory for retailers who currently pay the highest tax rate of any business sector, and for the millions of consumers they serve every single day,” said NRF CEO Matthew Shay.
“Our priorities were clear: reform must jumpstart the economy, encourage companies to invest here in the United States, increase wages and expand opportunities for employees, and protect our small business community, of which the vast majority are retailers.
“That’s exactly what this legislation will achieve. Most importantly, this historic tax reform will put more money in the pockets of consumers – the best Christmas gift middle-class Americans could ask for this holiday season.”
Meanwhile, National Cotton Council (NCC) said in a statement: “The US cotton industry is pleased with passage of the Tax Cuts and Jobs Act – legislation it supported that can spur economic growth by lowering taxes and simplifying the code for America’s cotton producers and associated businesses.”
United States Trade Representative Robert Lighthizer called the tax cut a “monumental win” for American workers and businesses.
He added: “I applaud President Trump and Congressional Republicans for their leadership in delivering a simpler and fairer tax code that will create jobs and grow our economy. This tax plan is a cornerstone of President Trump’s broader economic strategy to promote prosperity. It will help make American businesses more competitive at home and abroad. It will contribute to reducing the trade deficit, increasing exports and raising the income of our workers, farmers and ranchers.”
The measure will cut the federal corporate tax rate to 20% from the current 35%, reduce taxes for small business pass-throughs, and lower taxes for middle-class workers.
