The fight over a proposed border-adjusted tax that is under consideration in the U.S. House of Representatives is being rejoined, and the issue is cutting across American industries.
Chief executive officers, many of them from the retail sector, oppose the levy, a centerpiece of House Speaker Paul Ryan’s agenda, and are renewing a push to stop the tax, which would replace the existing corporate income tax with a 20% levy on U.S. companies’ domestic sales and imports and exclude exports.
The American Made Coalition, whose members include Archer Daniels Midland, Boeing and Caterpillar, believes the current tax system is outdated and needs to be transformed. The group backs competitive tax rates for small and large business, a modern territorial system and the border adjustment of businesses taxes, and it believes these changes are needed to leveling the playing field for American-made goods and services and to stimulate creation of American jobs, investment and manufacturing.
On the other side of the argument are companies that believe a border tax will hurt consumers. Several coalitions of companies have formed who oppose the tax, including Americans for Affordable Products and the Retail Industry Leaders Association. Among the companies opposed to the tax are Abercrombie & Fitch, Best Buy, BJ’s Wholesale, Macy’s and Lord & Taylor.
In Favor of the Border-Adjusted Tax
- Aerospace Industries Association
- Archer Daniels Midland
- Blue Diamond Growers
- Boeing
- Caterpillar
- Celanese
- Celgene
- Cook Medical
- CoorsTek
- Cummins Allison
- Dow Chemical
- Electroimpact
- Eli Lilly
- Equifax
- Fortive
- GE
- Honeywell
- Johnson & Johnson
- McIlhenny
- Merck
- MillerCoors
- Neutral Posture
- Oracle
- Pfizer
- Port Clinton Manufacturing
- Qualcomm
- Raytheon
- S&P Global
- United Technologies
- Varian Medical Systems
Opposed to the Border-Adjusted Tax
- Abercrombie & Fitch
- American Eagle Outfitters
- American Import Shippers Association (AISA)
- American International Automobile Dealers Association
- Ascena Retail Group
- Best Buy
- BJ’s Wholesale
- Big Lots
- Conservative Tea Party of Texas
- Costco Wholesale
- Crate & Barrel
- Dick’S Sporting Goods
- Dillard’s
- Gap
- Target
- Home Depot
- J. Crew
- J.C. Penney
- Kohl’s Department Stores
- Levi Strauss
- Lord & Taylor
- Macy’s
- Movado Group
- National Grocers Association
- National Retail Federation
- PetSmart
- Pier 1 Imports
- Saks Fifth Avenue
- Samsung
- Wal-Mart
- Nike
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
