Industry Cheers End of Border Adjustment Tax Proposal

The Retail Industry Leaders Association (RILA) has expressed its approval of the decision of the White House and congressional leadership to remove the Border Adjustment Tax (BAT) from consideration as part of its tax reform outline. In its campaign against BAT, RILA and several of its member company CEOs met with President Trump in February, and later held meetings with Vice President Pence, Treasury Secretary Mnuchin, and almost 300 members of the House and Senate on the issue.

The decision “is an important victory for American families and businesses who desperately need tax reform and who would have been harmed most by the border adjustment tax,” said Sandy Kennedy, president of Arlington, Va.-based RILA. “With BAT out, Washington has an opportunity for the first time in more than a generation to pass a tax reform plan that boosts American businesses and family budgets.”

Added Kennedy: “As the nation’s largest private-sector employer, retailers are ready to work with lawmakers to pass tax reform that lowers corporate rates, scrutinizes deductions, keeps America competitive globally and creates a level playing field here at home. There is no better time and no greater need for tax reform to keep America competitive with the rest of the world. We look forward to working with Congress and the Administration to pass a reform package after the August recess.”