Retailers Provide Some Cover to GOP On Corporate Tax Reform
In a move that could further cement corporate support for a fiscal cliff deal, the latest White House fiscal cliff offer includes corporate tax reform.
But not everyone on K Street loves the idea.
The National Retail Federation issued a statement today that echoes House Speaker John Boehner's reaction to the idea, giving Republicans some political cover.
NRF said that although the organization is pleased to see President Obama willing to address corporate tax reform, it shouldn’t “be a proposal made in the 11th hour of the fiscal cliff debate or made for political purposes to advance a narrow agenda during this crucial time in our history.”
“If Congress and the administration are serious about reforming our uncompetitive tax system, it’s critically important that the plan is discussed openly and in detail – with every stakeholder – and should be just one part of a broader approach to reforming the long term fiscal situation of the U.S. economy,” NRF president and CEO Matthew Shay said in a statement.
The line echoes Boehner's office, which downplayed the White House offer last night by saying what’s needed is comprehensive tax reform that also includes the individual tax code.
Boehner spokesman Michael Steel called Obama's inclusion of the corporate tax issue “a red herring,” writing in an email to National Journal that “We've always said you need to do both, given the way they interact. The issue is the individual rates because of the small business jobs impact.”