Vice President Mike Pence spoke at the National Retail Federation’s NRF Retail Advocates Summit on Tuesday and exclaimed, “As retail goes, so goes America,” reports CNBC.
The vice president used much of his time at the mic to talk about the Trump administration’s plan for the tax code; the annual event, which lured more that 200 retail professionals, focused on tax reform for retailers.
“This president is going to work with this Congress, this year, and pass the largest tax cuts since the days of Ronald Reagan,” said Pence. “The internal revenue code is [currently] two times as long as the Bible, with no good news.”
The Trump administration is poised to push forward on tax legislation that uses language that’s fairer and simpler, Pence said, adding, “I promise you that.”
The corporate tax rate is currently 35 percent, and many leaders in the retail industry have supported a significant reduction in that rate. On Tuesday, Pence suggested a cut to 15 percent, according to CNBC.
Pence didn’t, however, mention Paul Ryan’s border adjustment tax proposal (BAT)—which proposes a tax on all imported goods, including jewelry materials and finished jewelry. Jewelers of America and major U.S. corporations including J.C. Penney and Coca-Cola are staunchly opposed to BAT.
The vice president called for “less regulation, lower taxes, better infrastructure,” and said President Trump wants retailers to be able to compete on a level playing field with its global competitors.
(Top: Vice President Mike Pence at the NRF Summit; image courtesy of the National Retail Federation)