Supporters of the border adjustment tax say they need to raise taxes in order to lower taxes. All they're doing is picking winners and losers in the U.S. economy and making hardworking Americans shoulder the costs.
How does it work? The border adjustment tax would impose a 20% tax on imported products so large corporations that export goods would pay little to no taxes.
In the end, Americans will end up paying what experts are calling a $1 trillion consumer tax, because the prices for everyday goods from bananas to t-shirts, computers to gasoline would increase by 20%. And that's on top of the thousands of jobs lost because of these increased costs.
Use the form here to tell Congress: Don’t raise my taxes. Reject the border adjustment tax.
Auto Show Attendees Know They’ll Pay Under the BAT
We asked people attending the 2017 Washington Auto Show who would end up paying the cost of a 20% Border Adjustment Tax. Click here or on the image below to watch their answers:
The Center for Automotive Research estimates that the 20% Border Adjustment Tax hike would:
• Increase the average per vehicle price by almost $2,000
• Lead to $34.6 billion in higher costs to consumers
Think this is just a problem for foreign cars and foreign companies? Think again. Did you know that the Toyota Camry, Honda Accord, Toyota Sienna, Honda Odyssey, and Honda Pilot are top five on the Cars.com American-Made Index?
Sixteen states have international automaker manufacturing facilities, employing thousands of Americans and producing over 5 million vehicles in 2015 alone. The 9,500 international nameplate auto dealers employ 570,000 Americans across the country. All those jobs, from research and development, to manufacturing, sales and service jobs are threatened by the BAT.
We are a coalition of job creators who collectively employ millions of Americans and believe that smart and sensible tax reform is the path to national prosperity. The primary goal of tax reform should be to encourage growth while lowering tax rates for American families. However, the Border Adjustment Tax (BAT) will hurt families, job creation, and the overall economy. Jobs will be lost, supply chains disrupted, and everyday goods will become more expensive, hitting middle class families the hardest.
For more information, please contact Media@SmartTaxPolicy.com