NRF Urges Tax Holidays
The National Retail Federation (NRF) is calling on President-elect Barack Obama to act quickly on a series of three sales tax holidays and other measures intended to boost retail spending, a sector of the economy that employs about one in five workers.
The tax holidays—applying to a broad range of goods including home furnishings—would take place in March, July and October.
“We urge you to act quickly on legislation to help stimulate consumer spending as one of the first priorities of your new administration,” states the letter to Obama from NRF officials, including the organization's chairman, J.C. Penney President and CEO Myron “Mike” Ullman III, and the top executives of PetSmart and Saks. “To be effective, any fiscal stimulus package must be enacted with great speed. It must be substantial. And it must be sustained.”