The National Retail Federation continues to lead the charge against the consumption tax and the proposed border adjustment tax.
The NRF on Thursday today urged Congress to focus on updating the existing federal income tax system rather than moving toward a consumption tax. Under either approach, Congress should reject a proposed $1 trillion border adjustment tax that would drive up prices for consumers and cost the economy jobs, NRF said.
“The most important aspect of any tax reform measure is its impact on the economy, jobs and the consumer,” NRF senior VP for government relations David French said, adding that consumer spending represents two-thirds of the economy and that retail supports one out of four U.S. jobs.
“Tax reform that shifts the burden of the corporate tax to the consumer would present an unnecessary risk to our nation’s economy,” French said. “Instead, we support a reform of the current income tax structure by providing a broad base…