WASHINGTON — A coalition of chief executive officers from 21 companies, including Macy’s Inc. and Gap Inc., sent a letter to the leaders of the two tax writing committees in the House and Senate, reiterating their call for corporate tax reform and a lower corporate tax rate.
Terry J. Lundgren, Macy’s chairman, president and ceo; Glenn Murphy, chairman and ceo of Gap, and Matthew Shay, president and ceo of the National Retail Federation joined the other corporate leaders in pressing for tax reform to spur economic growth and job creation. They are members of the Reforming America’s Taxes Equitably Coalition.
In their letter to Senate Finance Committee chairman Max Baucus (D., Mont.) and House Ways & Means Committee chairman Dave Camp (R., Mich.), and the respective ranking members, the executives said the U.S. tax system “makes American businesses less competitive and makes the U.S. a less attractive place for investment, ultimately harming businesses, investors, workers and consumers.”
They argued that the current top federal corporate tax rate in the U.S. of 35 percent is 10 percentage points higher than the average of the member countries of the Organization for Economic Cooperation & Development and 15 points higher when state and local taxes are included.
“The costs to our economy are significant and already being realized,” the ceos said, citing a new study by Ernst & Young projecting gross domestic product to be between 1.2 and 2 percent lower this year as a result of the corporate tax rate.
“Simply put, the U.S. can no longer afford to stand still,” they said. “As leaders in Congress, each of you has called for tax reform that will put our economy on track toward sustainable, long-term growth.”
Congress and the White House have indicated they are planning to begin a review of the U.S. tax system this year with the hope of building a bipartisan consensus. Camp has proposed a plan that would lower the top corporate rate to 25 percent from 35 percent and eliminate certain tax deductions and credits. The NRF has supported that proposal.
However, retailers decried President Obama’s tax reform proposal last year, arguing it did not go far enough to lessen the burden on U.S. companies. Under Obama’s plan, the corporate tax rate would be reduced to 28 percent from 35 percent. Manufacturers would receive a reduction in their effective rates to 25 percent — a provision that retailers argue favors one industry over another. Obama’s proposal also called for the elimination of dozens of tax loopholes and expenditures, including an accounting method regularly used by retailers, which merchants contend could be costly.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast