Target CEO blasts border adjustment tax at House hearing: ‘Americans will pay more’

bordertaxhearing

From RetailDive.com:

  • The House of Representatives’ Ways and Means committee on Tuesday called on five experts — including Target CEO Brian Cornell and former President/CEO of Wal-Mart U.S. William Simon — to testify on the impacts of the Trump Administration’s proposed border adjustment tax in a hearing on the matter.
  • For Target, the proposed 20% border tax on imports would cause the big-box retailer’s tax rate to more than double from 35% to 75%, Cornell said Tuesday.
  • In contrast to many in the retail industry, William Simon, a retail and consumer products veteran who left his post as CEO of Wal-Mart U.S. in 2014 and is currently a senior advisor at private equity firm KKR, argued the border adjustment tax is in the best interests of the country — and the retail industry — if “properly implemented.”

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