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In what would've seemed heresy in the church of globalization just a few months ago, large corporations are coming out in support of a border tax, saying it would support American jobs and products.
GE, Boeing, Oracle form coalition to support Republican border tax
"By David Shepardson and Ginger Gibson | WASHINGTON
U.S. companies including major exporters General Electric Co (GE.N) and Boeing Co (BA.N) launched a coalition on Thursday to back a House Republican plan to tax all imports, saying the proposal would "support American jobs and American-made products."
The group, comprised of more than 25 U.S. companies and dubbed the "American Made Coalition," also includes Dow Chemical Co (DOW.N), Eli Lilly and Co (LLY.N), Pfizer Inc (PFE.N), and Oracle Corp, the companies confirmed.
The group's launch underscored a growing division in corporate America over the House Republican proposal that would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose the 20 percent tax on imports.
President Donald Trump has sent mixed signals about border taxes and the House proposal could face difficulties in the U.S. Senate where some Republicans question whether it would unduly raise prices for U.S consumers and businesses.
Companies that rely heavily on imports, such as retailers Target Corp (TGT.N) and Best Buy Co Inc (BBY.N), say a border tax would outweigh the benefit of a lower headline corporate tax. Net exporters like Boeing and companies that are purely domestic U.S. concerns say they would benefit.
"American workers and businesses are not competing today on a level playing field with foreign competitors because of an outdated and unfair tax system," said John Gentzel, a spokesman for the coalition. The current tax system unfairly subsidizes imports of foreign goods, the group said."
GE, Boeing, Oracle form coalition to support Republican border tax
"By David Shepardson and Ginger Gibson | WASHINGTON
U.S. companies including major exporters General Electric Co (GE.N) and Boeing Co (BA.N) launched a coalition on Thursday to back a House Republican plan to tax all imports, saying the proposal would "support American jobs and American-made products."
The group, comprised of more than 25 U.S. companies and dubbed the "American Made Coalition," also includes Dow Chemical Co (DOW.N), Eli Lilly and Co (LLY.N), Pfizer Inc (PFE.N), and Oracle Corp, the companies confirmed.
The group's launch underscored a growing division in corporate America over the House Republican proposal that would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose the 20 percent tax on imports.
President Donald Trump has sent mixed signals about border taxes and the House proposal could face difficulties in the U.S. Senate where some Republicans question whether it would unduly raise prices for U.S consumers and businesses.
Companies that rely heavily on imports, such as retailers Target Corp (TGT.N) and Best Buy Co Inc (BBY.N), say a border tax would outweigh the benefit of a lower headline corporate tax. Net exporters like Boeing and companies that are purely domestic U.S. concerns say they would benefit.
"American workers and businesses are not competing today on a level playing field with foreign competitors because of an outdated and unfair tax system," said John Gentzel, a spokesman for the coalition. The current tax system unfairly subsidizes imports of foreign goods, the group said."
