The NRF (National Retail Federation) hosted this year’s Retail Advocates Summit, which was visited by Vice President Mike Pence on Tuesday. He promised that the best days for American retailers are ahead. More than 200 retail representatives from across the US attended the annual conference, held in Washington, D.C.. The main focus for the conference this year was tax reforms for retailers and their employees.
“As retail goes, so goes America,” Pence said. “This president is going to work with this Congress, this year, and pass the largest tax cuts since the days of Ronald Reagan.” The current tax code creates “huge barriers” to creating more retail jobs, he added. Many retail executives had indicated the importance of obtaining a major reduction in the corporate tax rate, which is now at 35%. Pence suggested to the retailers a cut to 15%. He also mentioned that the estate, or death, tax will also be repealed. Retailers care about this due to some being held by families. There was a heavy round of applause to this news.
“Less regulation, lower taxes, better infrastructure,” he said. The president wants retailers to be able to compete on a “level playing field” with companies all across the world, he said. [We] “will put retailers back on the path to jobs and growth and back to competitiveness.”
Vice President Pence also acknowledged “You’re one of the great job producers in America”. The NRF had cited that retail supports one in four jobs in America.