Today, the Retail Industry Leaders Association (RILA) praised the decision of the White House and Congressional Leadership to remove the Border Adjustment Tax (BAT) from consideration as it announced an outline for comprehensive tax reform. RILA and several of its member company CEOs met with President Trump in February, beginning the discussion with administration officials about the severely negative consequences that would befall retailers and consumers if BAT remained a central component of tax reform. Since that meeting, RILA has met with Vice President Pence, Treasury Secretary Mnuchin and nearly 300 members of the House and Senate to discuss the importance of passing tax reform without a BAT.
“Today’s announcement is an important victory for American families and businesses who desperately need tax reform and who would have been harmed most by the border adjustment tax,” said Sandy Kennedy, President of RILA. “With BAT out, Washington has an opportunity for the first time in more than a generation to pass a tax reform plan that boosts American businesses and family budgets.”
“As the nation’s largest private-sector employer, retailers are ready to work with lawmakers to pass tax reform that lowers corporate rates, scrutinizes deductions, keeps America competitive globally and creates a level playing field here at home,” said Kennedy. “There is no better time and no greater need for tax reform to keep America competitive with the rest of the world. We look forward to working with Congress and the Administration to pass a reform package after the August recess.”
RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.