Retail Sector Takes Stand Against Proposed Tax Policy
US retailers are concerned about a potential “border adjustable” tax that could dramatically affect business. CEOs and executives of Target, Best Buy, Gap, J.C. Penney, Walgreens Boots Alliance, Autozone, Jo-Ann Fabric, Craft Stores, and Tractor Supply, among others, have met with President Trump to argue that a tax on imports under discussion by the House would cause serious damage to their bottom lines. The retailers believe that the proposal would result in a rise in prices for US consumers, according to the Wall Street Journal. Mr. Trump’s position on the idea is not clear. It’s a reminder that the “new normal” in business under the current Administration promises to be a climate of unprecedented disruption, one in which companies will be forced to take stances on public policy.
John Howell, Editorial Director