The Retail Industry Is Desperate For A Romney Win

Business Insider

Retail is one of the biggest industry sectors of the United States, representing 42 million jobs.

The National Retail Federation has made it clear who it believes would be the better president, and it's Romney.

The NRF's beef with Obama is primarily over the Affordable Care Act. When the Supreme Court upheld Obamacare over the summer, the organization said it was "dismayed" because the new regulations would mean doom for many retailers.

The Affordable Care Act requires that all individuals must purchase health insurance. Employers with more than 50 full time employees must provide health care coverage or pay a fine.

When Obamacare was upheld, the NRF said that the regulations would mostly hurt smaller businesses who can't afford healthcare premiums.

“Congress set out to make health care more accessible by making it more affordable," CEO Matthew Shay said in July. "Instead, what we may well get is a perfect storm of unintended consequences that drives up costs so high that many companies likely will be forced to cut back their payrolls."

Romney has said he would repeal the Affordable Care Act and empower smaller businesses to enter purchasing pools in order to provide healthcare.

The Republican candidate also supports lowering the corporate tax rate to 25 percent. Meanwhile, Obama wants to eliminate many loopholes that help retailers save money and would lower to corporate tax rate to 28 percent. 

While the retail industry might support Romney, the fashion world is a different story.

The majority of fashion campaign contributions went to Obama, Women's Wear Daily reported.

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