AAFA submitted the comments in response to a request for input ahead of the committee’s ‘Increasing US Competitiveness and Preventing American Jobs from Moving Overseas’ hearing.
“While it is clearly time to institute tax reform, the border adjustment tax would have a disturbing impact on the US apparel and footwear industry and refutes many of the positive provisions included in the overall House tax blueprint,” said Rick Helfenbein, president and CEO of the American Apparel & Footwear Association.
“Unfortunately, and without question, the BAT would result in increased prices and job losses for our industry. Furthermore, this BAT provision would adversely impact low-income American families that rely on inexpensive essentials, such as clothes and shoes. The BAT must not be included in corporate tax reform,” he said.
AAFA said it refutes the claim that changes in the exchange rate would offset price increases, and list the unintended impacts the BAT would have on international trade relations. (RKS)
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