Foes of Border Adjustment Tax lining up
February 17, 2017,
Washington, DC – A powerful anti-tax group is gearing up to battle the proposed Border Adjustment Tax even as it appears the Senate is growing more resistant to the idea.
Today Americans For Prosperity, a conservative group founded by billionaire donors Charles and David Koch, announced its opposition to the levy. The Border Adjustment Tax, which would apply a 20% on imports into the U.S., is part of a broader tax reform package being proposed by House Speaker Paul Ryan.
The conservative Club for Growth, another powerful anti-tax group, signaled its opposition earlier this week.
Meanwhile, Politico reports Republicans in Washington are divided on the plan. Sen. Tom Cotton (R-Ark.), who represents the state where Walmart is headquartered, called the idea “stupid.” Sen. David Perdue (R-Ga.) described it as “a bad economic proposition,” according to Politico.
A group a retail ceos met with President Donald Trump two days ago to express their opposition to the tax. Goldman Sachs has identified apparel, furniture and textiles among the top 10 industries that would be hurt most by the tax.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...