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Source: Nation Retail Federation
The National Retail Federation has repeated its call to Senate for several national tax holidays, their reason being that the current economic stimulus legislation fails to do enough to jumpstart consumer spending. NRF applauded the "Making Work Pay" tax credit, which provides a Home Ownership Tax Credit for home buyers and other initiatives targeted at low- and middle-income families. Because those taxpayers are most likely to spend the extra money, they say they would make a positive contribution to the economy.
Says NRF Senior Vice President Steve Pfister in his comments to the Senate: "Before concluding your deliberations on stimulus legislation, we urge you to include measures that would provide an immediate and substantial boost to consumer confidence and spending. We believe national sales tax holidays would be a powerful and cost-effective tool to achieve that goal. Long-term economic stimulus is critically important, but immediate economic stimulus is absolutely essential."
"Retailers' considerable experience with sales tax holidays has shown that they provide a substantial inducement for people to shop," Pfister said. "The increased sales resulting from these holidays would provide a direct infusion of liquidity into the economy, benefitting consumers as well as cash-starved states, which have seen a precipitous decline in sales tax revenues. Furthermore, sales tax holidays would help preserve and create significant numbers of jobs throughout interrelated sectors of the economy including the retail, manufacturing and transportation industries."
In December, NRF proposed a series of National Tax Holidays in March, July and October '09 (each lasting 10 days including two weekends) during which retail goods would be tax-free
NRF estimates the total consumer savings to be nearly $20 billion - almost $175 for the typical family. This proposal is being pushed at the beginning of what is predicted to be one of the worst years on record for the retail industry – with sales predicted to drop 2.5% during the first half of the year, and to end the year at .5% down from last year’s already weak finish.
Tue, 03 Mar 2009 19:38:27 +0000
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