Retail executives to meet with lawmakers on border tax

Retail executives to meet with lawmakers on border tax
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Senior tax executives at retail companies are meeting with members of Congress on Wednesday to advocate against the proposed border-adjustment tax from House Republicans.

The executives, who sit on the taxation committee of the National Retail Federation (NRF), will make the case that the proposal would burden retailers and hurt customers and employees, a spokeswoman for the group said.

"Because the [border-adjustment tax] would raise federal taxes for many retailers to three or more times their profits, they see the BAT as a threat to their very existence," NRF spokeswoman Robin Roberts said. "We expect our members to ask for more advocacy meetings with lawmakers over the next few months."

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The fly-in, first reported by Politico, is the latest effort by retailers to push back against the border-adjustment proposal, which would tax imports and exempt exports.

The NRF also has run a television ad that argues that the proposal would raise prices for consumers. Additionally, the group is a member of an anti-border tax coalition called Americans for Affordable Products.

Businesses that support the border-adjustment proposal have also been lobbying members of Congress. A pro-border tax group called the American Made Coalition launched a TV ad on Sunday that argues tax reform that includes border adjustability would lead to job growth.

House GOP leaders have strongly defended their tax reform plan, saying it ends incentives for companies to reincorporate overseas. But a growing number of Republican senators have expressed concerns about border adjustability, making the proposal's fate uncertain.

The NRF's taxation committee will meet on Thursday to discuss tax reform, House Republicans' healthcare bill and other priorities. The NRF is supportive of the ObamaCare repeal bill, which is excepted to come up for a vote in the House on Thursday.