The National Retail Federation applauded the passage of the Senate’s tax reform bill over the weekend, calling the legislation a “pro-growth plan” that will help “boost consumer confidence.” Additionally, NRF said the potential savings realized from the bill could be enough to help families financially during the holiday shopping season.
“This vote couldn’t come at a better time,” NRF President and CEO Matthew Shay said is a statement emailed to Dealerscope. “Holiday shopping was strong throughout the Thanksgiving weekend, and a good part of the reason was optimism about the work Congress is doing to pass tax reform. Consumers and voters are beginning to realize that tax reform will create jobs, leave more money in the pockets of middle-class Americans and give our nation’s economy the biggest boost it’s seen in decades.”
Shay added that his organization is eagerly anticipating the work of both the House and Senate as they sit down to reconcile the two bills that have now emerged from each chamber. “There is far more that the two chambers agree on than they disagree on. And both clearly agree that the time for tax reform has come,” he said.
Citing data from the Senate Finance Committee, the NRF statement said that a typical family of four earning the average annual income of $73,000 would see tax cuts totaling around $1,500 per year, or $125 per month—and in some instances that total could be higher. NRF said that that total is “more than enough” to cover the $967.13 that the association said the average consumer will spend on holiday shopping this year.
“The savings is enough to give the average family a free Christmas,” Shay said. “It’s time to get this legislation to President Trump so American consumers will know they can count on extra money in their paychecks come January.”