WASHINGTON – The National Retail Federation issued the following statement from NRF President and CEO Matthew Shay in response to the release of President Joe Biden’s $2 trillion “American Jobs Plan” to improve the nation’s infrastructure system.
“Improving U.S. roads, railways, bridges and ports will help the retail industry continue to move the products Americans want and need, but burdening businesses with the biggest corporate rate increase in 70 years will lead to further closures and job cuts.
“Raising the tax rate on corporate income to the highest in the industrialized world, especially at a time when many businesses are still reeling from the impact of the pandemic, will not help us to recognize continued growth, spur job creation or encourage capital investment and will, in fact, deter domestic economic activity.
“Investment in infrastructure needs to be a priority, but this legislation appears to be less about improving infrastructure and a lot more about a political agenda, at the expense of sound economic policy that benefits all Americans.”
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. NRF.com