Retailers outline preferences on tax reform

"We can’t achieve that goal by having political battles year after year over temporary, last-minute measures. This is the year for fundamental, comprehensive tax reform that will settle our nation’s tax policy questions on a long-term basis and provide businesses the certainty they need to grow and create the jobs that are so badly needed.”



Shay said protracted fight over the fiscal cliff damaged consumer confidence and cut into holiday spending. 

The plan, adopted during NRF's annual convention in New York City, calls for the elimination of tax credits and incentives that favor some industries and calls for replacing them with substantially lower tax rates.

Lawmakers should steer clear of a consumption tax and should move to eliminate temporary tax provisions to provide greater certainty for businesses as they make hiring and investment decisions this year.

Any tax reform legislation should provide adequate transition rules so businesses do not face large tax burdens based on investment decisions made in prior years. 

President Obama and congressional Democrats and Republicans have said they want to begin tackling tax reform this year.