Industry Groups Praise Congressional Passage of GOP Tax Overhaul Legislation

Industry groups hailed congressional passage of the GOP’s tax overhaul legislation Wednesday. Enacting the tax overhaul “is a major victory for retailers who currently pay the highest tax rate of any business sector, and for the millions of consumers they serve every single day,” said National Retail Federation CEO Matthew Shay. The “historic” legislation also “will put more money in the pockets of consumers -- the best Christmas gift middle-class Americans could ask,” he said. “The 1980s were a great decade, but we are overdue for bringing our tax policy into the 21st Century,” said Information Technology Industry Council CEO Dean Garfield. “Updating the 30-year-old U.S. tax code was an essential step toward a more competitive and rational system for the U.S.”