Top retailers are in Washington this week to intensify their lobbying efforts on tax reform.
Tax executives from companies like American Eagle, Costco, Target, Wal-Mart and Whole Foods will be in the nation’s capital on Tuesday and Wednesday, according to a leading industry group, the Retail Industry Leaders Association.
Their message, RILA says, is that Congress needs to press ahead with a comprehensive rewrite of the tax code that considers scrapping all major tax breaks.
Retailers pay a higher effective rate than many other industries and rely less on big-ticket tax preferences, making a tax overhaul that lowers rates more of a priority for them.
Senate Finance Chairman Max BaucusMax BaucusFive reasons why Tillerson is likely to get through Business groups express support for Branstad nomination The mysterious sealed opioid report fuels speculation MORE (D-Mont.) is expected to try to push the tax reform debate forward in his chamber on Tuesday with a draft dealing with international tax laws.
On the other side of the Capitol, House Ways and Means Chairman Dave Camp (R-Mich.) is downplaying his chances of marking up a bill this year. A Camp aide told a conference call on Monday that the chairman could release a draft proposal either in December or January.
Still, many tax observers are skeptical that Baucus and Camp’s efforts on tax reform will be successful, in no small part because of the revenue divide between the two parties.