Retailers to battle Border Adjustment Tax
February 2, 2017,
Arlington, Va. – Major members of the import-dependent retail industry are making common cause with trade associations to stop the border adjustment tax or BAT.
The BAT has been proposed as part of a House Republican tax overhaul. It would levy a tax on the value of imports but not the value of exports.
Several home textiles retailers have joined the campaign, among them Walmart, Macy’s, Kohl’s, Target, Ross, Sears, Ikea North America, Bon-Ton, Dillard’s, Dollar General, QVC, HSNi, Crate & Barrel, JoAnn Stores, Meijer, Beall’s and Zulily.
Several national and state retail trade organizations have signed on as well. The complete list of members to date can be found here.
The Retail Industry Leaders Association (RILA), which said it supports comprehensive tax reform, described the BAT as harmful and untested.
“The retail industry pays among the highest effective tax rates of all industries. We, therefore, enthusiastically support reforming the current tax code and welcome the fact that both the President and Congress do so as well,” said RILA President Sandy Kennedy.
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See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.