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Mon Mar 27, 2017, 04:33 PM

Retailers get aggressive in fight over GOP tax plan

A closed, isolationist economic system of capitalism will lead to its own self-destruction. If it costs x in labor to produce an item, and then the laborer is charged x (labor) + y (profit), you can see how unsustainable this is over time. This is what defines 'the haves' and 'the have nots' - those who can afford to buy the goods produced, and those who can't.

Retailers absolutely understand this.

Source: The Hill, by Naomi Jagoda

Retail groups are intensifying their effort to kill the proposed border-adjustment tax from House Republicans as the agenda in Congress shifts to tax reform following the failure of ObamaCare repeal. 

Under the border-adjustment proposal, imports would be subject to U.S. tax and exports would be exempt. Supporters of the proposal argue that it would boost domestic manufacturing. Opponents argue that the tax will result in higher prices for consumers.


On Friday afternoon, a coalition of retailers against the tax called Americans for Affordable Products sent out an email with the subject line, “With Healthcare Reform Bill Pulled, Focus Increases On Congress’ Border Adjustment Tax.”

Americans for Affordable Products already represents the largest employment sector in the country and speaks for nearly one in four jobs in our nation totaling over 42 million. The job creators joining the coalition recognize the Border Adjustment Tax is a direct threat to their existence and the jobs of their employees.

With the failure in Congress to garner sufficient support for the repeal and replacement of ObamaCare, the support of U.S. House leadership for the Border Adjustment Tax, which serves as a trillion-dollar tax increase on middle-income working households, risks the passage of badly-needed and historic tax reform.

The coalition announced in a press release Monday that it now has more than 400 members. The group argued the border-adjustment proposal threatens the ability of House Republican leaders to accomplish tax reform.


Read it all at: http://thehill.com/policy/finance/325975-retailers-get-aggressive-in-fight-over-gop-tax-plan

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