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In America “Retailers Ask Congress Not to Pass a Consumer Consumption Tax.” 1 No ratings yet.

Retailers Ask Congress Not to Shift Tax Burden to Consumers
The National Retail Federation today urged Congress to focus on updating the existing federal income tax system through comprehensive reform rather than moving toward a consumption tax. Under either approach, Congress should reject a proposed $1 trillion border adjustment tax that would drive up prices for consumers and cost the economy jobs, NRF said.

“The most important aspect of any tax reform measure is its impact on the economy, jobs and the consumer,” NRF Senior Vice President for Government Relations David French said, noting that consumer spending represents two-thirds of the economy and that retail supports one out of four U.S. jobs.

“Tax reform that shifts the burden of the corporate tax to the consumer would present an unnecessary risk to our nation’s economy,” French said. “Instead, we support a reform of the current income tax structure by providing a broad base and low rates. We believe that approach rather than a shift toward a consumption tax would bring the greatest economic efficiency and stimulate economic growth without causing the economic dislocations inherent in the transition to a new tax system.”

French’s comments came in a letter to the House Ways and Means Committee, which is scheduled to hold a hearing today on “How Tax Reform Will Grow Our Economy and Create Jobs.” The hearing is expected to focus on the “Better Way” tax reform proposal sponsored by Speaker Paul Ryan, R-Wis., and committee Chairman Kevin Brady, R-Texas.

The Ryan-Brady plan would transition the United States from its longstanding income tax system toward a consumption tax system. French said studies conducted for NRF show that alone would cause retail spending and employment to decline for an estimated six years. The plan also includes a proposal for a 20 percent border adjustment tax on imports, which French said would cause an even steeper decline in spending. NRF is leading the retail industry’s opposition to the BAT proposal, which is expected to be the subject of an additional hearing next week.

“We believe there are better options for tax reform that would achieve economic growth and not shift the burden to the consumer,” French said. He recommended that lawmakers consider as examples the 1986 Tax Reform Act enacted during the Reagan administration and the Tax Reform Act of 2014, which was proposed by former Ways and Means Chairman Dave Camp, R-Mich., but never saw passage.

(Information continues from…http://www.businesswire.com/news/home/20170518005841/en/Retailers-Congress-Shift-Tax-Burden-Consumers)

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New gas pump law aims to protect consumer from skimming devices. 1 5/5 (1)

SARASOTA, Fla. – Efforts to prevent thieves from using skimming devices to steal your credit card information from gas pumps are being implemented at gas stations all across the state. Gas stations are now being required to update their systems to protect your information.

“They need all the gas stations to be complainant with the chip reader, ” said local gas station owner Omar Itraish.

Itraish is talking about new regulations set to go into effect at pumps all across Florida. The changes are part of a new law aimed at curbing the trend of scammers stealing credit card information from gas pumps.

“This will hold off criminals. They are always going to find a way to scam, but this will hold them off for a little bit,” added Itraish.

Come October 1st, all gas pumps with with credit card processing systems must also have implemented a security measures to restrict the access of a customer’s card information being stolen. The system must also encrypt the data, and as an added precaution, security tape must be placed on the credit devices to show if and when a unit is tampered with.

Consumers we spoke to say they are happy about the change.

“I am all for it. I believe that not having that technology right now is making us more prone to criminal activity,” said Brock Horner.

And while the updates have been expensive for gas station owners, they are expected to save consumers thousands.

“Sounds like a great idea to me. It’s happened to me twice, so if they can stop it form happening again that would be wonderful,” said Bruce Kennedy.

(More info and details at: http://www.mysuncoast.com/news/local/new-gas-pump-law-aims-to-protect-consumer-from-skimming/article_29d5541e-7c5c-11e6-af07-3f5f98757e54.html)

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