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Industry groups applaud tax cut package

ARLINGTON, Va. and WASHINGTON - The National Retail Federation and the Retail Industry Leaders Association both issued statements supporting the final passage of a bipartisan agreement for extending critical individual and business taxes.

“American families have not only avoided a massive tax hike that would have taken billions of dollars out of paychecks beginning on New Year’s Day, but will see those checks grow because of the reduction in Social Security payroll taxes,” NRF president and CEO Matthew Shay said. “That extra money is going to go to satisfy pent-up demand, and will help stimulate activity and job growth as it spreads throughout the economy. In addition, the business expensing provisions of this package are going to provide employers with powerful incentives to invest and create jobs. This is a clear win for our nation’s economy.”

RILA emphasized that the tax package is good news for retailers heading into the New Year. “With the President’s signature, this package will put money back in the pockets of consumers and end the uncertainty many job providers were facing regarding their tax liabilities in 2011,” said RILA EVP public affairs Katherine Lugar.