The National Restaurant Association and the National Retail Federation weigh in on the GOP’s bill to reform the tax code.
The U.S. House on Tuesday, Dec. 19, approved the final version of the GOP’s bill to overhaul the U.S. tax code by a vote of 227-203, with 12 Republicans joining all Democrats in opposing the bill. But shortly after the vote was announced it was determined that three provisions in GOP tax bill violate Senate rules. The three provisions in questions will be removed and the House will revote again Wednesday, according to the Associated Press.
If the revote is in favor of the tax bill it will move to the Senate. Once the Senate passes the bill, it will head to President Trump’s desk for his signature.
“The National Restaurant Association congratulates Congress and the conference committee members for their efforts to enact tax reform legislation. This bill addresses the needs of small businesses and will help restaurants remain strong economic engines and job creators,” said Cicely Simpson, executive vice president, public affairs, National Restaurant Association.
The National Retail Federation (NRF) early Tuesday urged both the House and Senate to approve a final version of tax reform legislation, saying the measure will boost the nation’s economy and make the U.S. more competitive in the global economy.
“This legislation represents long-overdue reform of our nation’s tax laws, driving economic growth that will help our retail businesses and our customers,” NRF Senior Vice President for Government Relations David French said in a letter to members of both chambers.
“The United States has the highest corporate income tax rate in the industrialized world, which causes U.S. companies to move investment out of the country and is a disincentive for foreign companies to make larger investments here,” French said. “Reducing the corporate rate will help attract investment to the U.S., which will help increase wages and increase consumer spending.”
French also praised the legislation’s provisions to reduce the tax burden for small businesses and simplify the tax rules that apply to them. He also said that the bill’s tax relief for middle-class taxpayers – including the increased standard deduction, child tax credit and individual tax bracket changes – will benefit consumers.
