Franchise News
CNN: Retailers Take Aim at Border Adjustment Tax Proposal
Seven CEOs from major retailers are taking on the proposed border tax.
Chief executives from Target, JCPenney, Best Buy, Gap, Tractor Supply Co., Joanne Fabrics and AutoZone are heading to Capitol Hill on Wednesday to lobby against Congressional Republican’s plan for a “border adjustment tax.” The plan, which would put a higher tax on imported goods, could greatly affect these company’s businesses, as they typically import goods like clothes and electronics from Mexico. As a direct result, retailers would most likely be forced to increase sale prices, which could hurt profits.
In Washington, the CEOs will meet with Kevin Brady, House Ways & Means Chairman, as well as leaders from both houses of Congress. While the plan would increase taxes on imported goods, it would also decrease taxes for exported goods. This means that retailers, like automakers, who both import and export goods could potentially break even. However, retailers that only import goods could be negatively affected.
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About the Author
Nick Powills
FollowNick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
