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.
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