• Jennifer Marks

Foes of Border Adjustment Tax lining up

Americans for Prosperity denounces import tax plan

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.

Americans For Prosperity said that while it favors a proposal to cut the corporate tax rate, “a trillion-dollar tax hike on consumers is not the way to pay for it.” The group suggested Congress cut government spending instead.

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Retailers to battle Border Adjustment Tax

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.

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