Retail execs weigh in with Trump on border tax
February 15, 2017,
Washington, DC – Target ceo Brian Cornell and JCPenney ceo Marvin Ellison joined executives from six other national retailers in a meeting with President Donald Trump this morning.
The group went to Washington to discuss tax reform and infrastructure investments. During the meeting they argued against the proposed Border Adjustment Tax, which would place a levy on imported goods. Retailers characterized the tax as "risky and unproven," according to a report from CNBC.
Other retailers in the group included Best Buy ceo Hubert Joly, Gap Inc ceo Art Peck, Autozone ceo William Rhodes, Walgreens Boots Alliance Inc. ceo Stefano Pessina, Jo-Ann Stores ceo Jill Soltau and Tractor Supply Co. ceo Gregory Sandfort, according to Reuters.
Earlier this month, a group of retailers and retail associations formed a coalition to fight the Border Adjustment Tax proposal, arguing it will drive up prices for consumers. The National Retail Federation last week announced a rosy forecast for 2017 retail sales – with the caveat that the business could be disrupted by Washington policies that would result in higher prices on consumer goods.
While the retail sector is larger opposed to the tax, Fortune magazine yesterday identified a group of U.S. corporations that support the idea. They include machinery and aeronautics manufacturers, chemical companies and leading pharmaceutical firms.
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