Washington – Locally basedRetail Federation (NRF) reiterated the retail industry’s support for individual tax relief and praised the U.S. House of Representatives for approving H.R. 3, the “Economic Growth and Tax Relief Act of 2001.”
In a letter to House members, NRF stated the importance of individual tax relief for consumers and retailers. The letter read in part: “Theindustry believes American taxpayers deserve to keep and spend as they see fit, more of their hard earned dollars. Consumer spending, which accounts for two-thirds of total GDP, is critical to the sustained health of the national economy. In addition, small retail businesses, which currently pay income taxes at individual rates, will also benefit from passage of H.R. 3 as their top tax rate drops from 39.6% to 33% by 2006.”
If approved by the Senate and signed into state law, the provisions in the tax bill would encourage enterprise by lowering marginal tax rates and increasing tax fairness, restoring consumer confidence and aiding future economic growth.