Target CEO blasts border adjustment tax at House hearing: ‘Americans will pay more’
- 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.”
Read full article.
ARRANGE YOUR CUSTOMSNOW WALK-THROUGH
Meet with a CustomsNow consultant to explore your compliance practices and how our best-in-class software and services can help you do what you do better.DEMO NOW