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US Retailers Talk Tax Reform With Trump

17 February 2017, 06:25 | Melvin Schneider

"We stressed the importance of taking a thoughtful approach to tax reform for both individuals and corporations", said Bill Rhodes, RILA chairman, CEO of AutoZone and one of the eight retail executives at Wednesday's meeting.

The impact will be most largely felt by Australian exporters who now compete with American manufacturers/producers of like goods, services and intangibles, as there will be a significant and direct cost benefit of purchasing from domestic suppliers. Several other Fair Tax backers in Washington, D.C. have been trying to parse their positions on this issue - without success. A recent proposal would tax all imports at the new corporate tax rate of 20% but would exempt exports from taxes.

Brady and House Speaker Paul Ryan are leading the push to overhaul the tax code by cutting the corporate income tax to 20 percent from 35 percent, imposing a 20 percent tax on imports and excluding export revenue from taxable income. Moreover, if the dollar did actually appreciate by more than 20% from its already strong position, that would impose substantial losses on US investors holding securities denominated in foreign currencies, and on foreign countries that have issued dollar-denominated debt.

A conservative advocacy group founded by billionaire brothers Charles and David Koch is directly confronting a traditional ally - House Speaker Paul Ryan - as it mobilizes a new national effort to derail a proposed tax on US companies' domestic sales and imports.

Members of the Americans for Affordable Products, or AAP, include Walmart, Target, Best Buy and many major American retailers. The American Made Coalition has formed to support the overall House Republican tax blueprint, including a BAT. Boeing, GE and Pfizer are members. In his interview to the media, Brady told scribes that thanks to these policies, products manufactured in the United States suffer from tax disadvantages.

Many economists rebuff retailers' worries about the potential effects of implementing the tax.

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Internal opposition within the Republican Party is also considerable.

"Anything that raises prices for families is not a good idea for America", the Target statement said. He underscored that the border tax would lead to a loss of purchasing power for millions of low-income and middle-class Americans.

The President has explicitly threatened automakers GM (NYSE: GM ) and Toyota (NYSE: TM ) with a border tax if they carry out plans to make cars in Mexico.

Is A Border Tax A Zero-Sum Game? On Feb. 14, a Financial Times' report included a graph on top USA importers by number of ocean containers transported. Samsung America is the sixth and LG Group is the eighth, ahead of IKEA in tenth place and Nike in twelfth. Any kind of challenge may result in a biggest ever case before World Trade Organization or WTO.

General Electric is one of the ten largest employers in the United States with 125,000 employees at manufacturing plants and its headquarters office. Border-adjustment would also raise a lot of money for the government in the short-term (though in the long-run, it might drain the coffers).



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