Consumers Could See 20% Price Hike With Border Adjustment Tax, Retail Group Says
The Republicans’ plan to enact a border adjustment tax will leave consumers digging deeper into their pockets, an advisor to a coalition of major retailers told CNBC on Monday. The measure is part of the House GOP’s corporate tax plan and would tax imports and exempt exports. “It will force consumers to pay as much as 20 percent more for the products they need. Gasoline is estimated to go up as much as 35 cents a gallon,” said “Americans for Affordable Products” advisor Brian Dodge in an interview with “Power Lunch.” “Common household goods, apparel, things that people count on every day, pajamas, will cost more and really just so a certain, select group of corporations can avoid paying taxes forever. We think that’s bad policy,” he added. The coalition is made up of retailers like Wal-Mart, Macy’s and Nike. However, other corporations in the U.S. are cheering the move. Names like General Electric, Boeing and Pfizer are members of the “American Made Coalition,” which supports the border adjustment tax. Read more at CNBC.
