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November 15, 2012 by Mark DeVine

The Effect of Lower Corporate Taxes

The creation of more retail jobs, better pay and lower prices across the industry could be an affect of lowering the corporate tax rate.  According to a report commissioned by the Retail Industry Leaders Association (RILA), tackling comprehensive tax reform that includes a reduction in rates for businesses would create 327,000 jobs and help boost capital investment.

The report finds that a hypothetical tax reform plan that lowers the corporate tax rate to the current average of 26.6 percent would result in annual savings of more than $10 billion to the retail industry. There is talk between Congress and the White House on tax issues which includes a lower corporate tax rate.

The reports illustrates that retailers pay the highest effective tax rates of 36.4 percent, more than 10 percentage points above the average for all other industries, and employs 17.8 million which  makes retailers the nation’s second-largest private employer. Also reliant on the retail industry is an additional10 million jobs within other sectors, such as finance, transportation and manufacturing.

 

To find out how we can help you, make an appointment with us today at 401-254-0151.  We look forward to hearing from you.

Filed Under: Taxes

About Mark DeVine

I have been in the tax and accounting profession since 1989. Before founding my own firm, I worked with the international accounting firm of KPMG, the Fleet Private Clients Group, and Bank of New England. I am also a member of the American Institute of Certified Public Accountants and the RI Society of CPAs.To discover how we can help you with taxes, payroll, bookkeeping and more, give me a call at 401.254.0151, or click the link to schedule your free 30 minute consultation today.

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DeVine & Associates, LLC
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.289.2418

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Contact DeVine & Associates

Mark G. DeVine, CPA, CGMA
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.254.0152

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