Retail CEOs are renewing their efforts to stop Paul Ryan’s proposed border-adjusted tax.
According to Bloomberg, a group of 10 executives, including the heads of J.C. Penney and VF Corp., owner of Vans and The North Face, are meeting with Treasury Secretary Steve Mnuchin on Tuesday morning to “reinforce their opposition to the tax policy,” which would replace the existing corporate income tax with a 20% tax on U.S. companies’ domestic sales and imports, thus taking the tax burden off of corporations and putting it squarely on the shoulders of consumers.
The retail industry opposes the plan on the grounds that “it would lead to higher prices on a range of consumer goods,” while those who support the tax claim that a stronger dollar “would ultimately even such effects out.”
Whether or not the CEOs meeting will help stop the BAT remains to be seen, but as of now, “because GOP leaders don’t foresee winning any Democratic votes in the Senate, they plan to use a procedure that requires only a simple majority.” Which reminds me, have you guys heard of Swing Left, yet?
You can read more about it at Bloomberg.