For Immediate Release
Contact: Andy Polk (202-744-7453)
FDRA President & CEO Matt Priest made the following statement today following the Ways & Means Committee Hearing addressing the Border Adjustment Tax (BAT), which featured testimony from Target Corporation CEO Brian Cornell.
“We are deeply concerned that House leaders continue to advance the controversial Border Adustment Tax (BAT) that would hit consumers with a $1.2 trillion tax hike and drive up shoe prices for working class individuals and families. As Target CEO Brian Cornell made clear to the Committee in his testimony today, the BAT will harm American consumers and create uncertainty for American businesses that we rely on for job creation. The BAT is based on academic theory not real world experience. FDRA stands ready to work with Congress on tax reform that will grow our economy, but we reject the idea that Congress should lower corporate rates by imposing a new BAT tax on everyone who buys and sells shoes.”
Read FDRA’s written testimony to the House Ways & Means Committee on the Border Adjustment Tax (BAT) here.
FDRA is the footwear industry’s business and trade association – representing over 80% of the entire U.S. footwear industry in Washington, DC.
Disclaimer: The opinions expressed within this article are the views of the writer and do not necessarily reflect the views and opinions of FDRA.