Congress Moves to Safeguard Lower Tax Rates, Boost Economic Growth
Congress has taken steps to safeguard lower tax rates and boost economic growth. The House has passed a budget resolution, while the National Retail Federation (NRF) backs the Senate's reconciliation package, urging swift action.
The budget resolution allows Congress to protect lower tax rates, the increased standard deduction, and small business incentives with a simple majority vote. This move aims to prevent a tax hike for millions of Americans next year.
Retail, the nation's largest private-sector employer, plays a significant role in the economy. It contributes $5.3 trillion to the annual GDP and supports over 55 million jobs. The NRF supports the Senate Budget Committee's reconciliation package, emphasizing the need for a stable and competitive tax code to foster economic growth.
In Germany, the federal government's Cabinet has approved tax amendment laws and related legislative drafts. These measures aim to continue and adjust tax regulations, alleviate financial burdens on citizens, and support investments. The legal process is expected to be completed by the end of 2025 or early 2026.
The budget resolution and the NRF's support for the Senate's package highlight the importance of maintaining a competitive tax code for economic growth. Congress is urged to act swiftly to protect lower tax rates and boost the economy.
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