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NRF Taps Former Macy’s CEO Lundgren As Chairman

0aaLundgrenThe National Retail Federation (NRF) is bringing in one of retail’s most familiar faces to lead its Board of Directors. The Board has elected Macy’s Executive Chairman Terry Lundgren as its Chairman, five months after he officially stepped down as CEO.

In the role, Lundgren replaces former HSNi CEO Mindy Grossman, who resigned from the board after leaving retail to head Weight Watchers.

In addition, the Board also elected four new members:

  • Sam’s Club President and CEO John Furner;

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  • QVC Inc. President and CEO Mike George;

  • Total Wine and More CEO Adam Orvos; and

  • PETCO CEO Brad Weston.

     

Vice President Pence Outlines Tax Revision Plans At NRF Retail Advocates Summit

The NRF Board were announced during the association’s annual summer meeting in Washington, D.C., the Retail Advocates Summit, attended by more than 200 U.S. retail representatives, including SMB retailers, national executives and state officials.

Vice President Mike Pence gave the keynote at the Summit, addressing public policy issues facing the retail industry — with tax reform topping the agenda.

Pence shared President Donald Trump’s support for a plan that is expected to cut the corporate tax rate from 35% to 15% and implement a territorial tax designed to stimulate the economy. He specifically pledged to end the federal estate tax, which the NRF argues makes it difficult for some family-owned retail businesses to be passed down from generation to generation.

“Under President Trump, we’re going to repeal death taxes once and for all,” Pence said at the Summit. “Death will no longer be a taxable event. When it comes to your businesses, our tax plan is going to put American companies, including our retailers, back on the path to jobs, growth and competitiveness…The tax cut plan will empower your companies to compete on a level playing field with business all over the world.”

Executives attending the Summit discuss positions on tax reform, health care and the regulatory environment, before moving on to Capitol Hill to meet with dozens of legislators to convey their message.

Retailers’ most significant current lobbying effort is a challenge of the border adjustment tax (BAT) proposal, which has been a topic of debate since House Speaker Paul Ryan and House Ways and Means Committee chairman Kevin Brady devised the plan. Pence did not mention the BAT in his keynote.

The BAT essentially taxes all imported goods coming into the U.S., and could potentially raise billions of dollars in revenue. But the tax has been divisive within political and business circles, with many retailers noting it will hurt consumers who will pay more for goods, especially if they shop at larger merchants that import much of what they sell. In fact, the BAT is anticipated to vulture $13 billion from six major U.S. retailers’ annual earnings, according to The Wall Street Journal.

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