Tags: Trump Refugee Ban | kevin brady | border tax | competition

Kevin Brady: Border Tax Brings 'True Competition for the First Time'

Image: Kevin Brady: Border Tax Brings 'True Competition for the First Time'
(AP)

By    |   Tuesday, 23 May 2017 01:01 PM

Rep. Kevin Brady, R-Texas, began a tax reform hearing by touting a trillion-dollar border tax in the House GOP's plan to promote American-made products, The Washington Times reports.

"No special tax breaks for foreign products," said Brady, who's chairman of the House Ways and Means Committee. "Everyone treated the same. True competition for the first time."

The tax includes a sweeping 20 percent import tax, estimate to add $1 trillion in 10 years, though opponents claim that retailers and customers would end up paying higher prices for goods.

"We are committed to working with all of you to address these concerns," Brady said. "We have to get it right, and we will."

Rep. Richard Neal, D-Mass., the committee's ranking member, admitted that the tax is an interesting proposal, but said, "Given the many significant economic uncertainties and risks associated with a border adjustment tax, the committee must evaluate its merits thoroughly and methodically."

Brian Cornell, CEO of Target, America's self-proclaimed second-largest importer, testified that his company's tax rate would jump 40 percent under this plan.

"We — like many others — would be left with only bad options," he said, according to The Washington Post.

"Every time your constituents fill up their gas tanks, they would pay more. The people who shop at Target are middle-class working families, whose budgets are already stretched," Cornell added. "For them, this new tax would be a budget breaker."

However, the head of food ingredient and animal feed company Archer Daniels Midland disagreed that the tax would hard companies and customers.

"Tax reform will enable us to be a stronger seller of our nation's agricultural bounty, help us create jobs and invest in new products, and allow us to better meet the needs of our customer and suppliers," Luciano said, The Post reports.

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Rep. Kevin Brady, R-Texas, began a tax reform hearing by touting a trillion-dollar border tax in the House GOP's plan to promote American-made products, The Washington Times reports.
kevin brady, border tax, competition
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2017-01-23
Tuesday, 23 May 2017 01:01 PM
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