Urges Representatives Vern Buchanan and Carlos Curbello to Support Tax Reform That Boosts Job Growth Without BAT
Tallahassee, FL – Ahead of Tuesday’s House Ways and Means Committee Hearing on the Border Adjustment Tax (BAT), Americans for Affordable Products (AAP), a national coalition of nearly 500 small businesses, retailers and trade associations united to stop the BAT, announced the launch of its local campaign to educate lawmakers and citizens about the harmful effect the proposal will have on the state of Florida.
AAP is calling upon Florida’s entire congressional delegation to oppose this ill-advised policy that will not only make everyday goods more expensive for Florida residents, but it will make it even harder for job creators to do business in the state. House Ways and Means Committee Members Vern Buchanan and Carlos Curbello will play a critical role ensuring this bad policy never becomes law.
“The Border Adjustment Tax will be devastating to many in the oil and gas industry and its ripple effects will impact businesses and consumers alike,” said Don Bodie of the Florida Petroleum Marketers. “Estimates show that the Border Adjustment Tax could result in a dramatic $.35 per gallon increase. In addition to a price hike at the pump, U.S. consumers could see their monthly car payments rise by $100 on average.”
The BAT will increase the costs on everyday essentials that Floridians rely on, like food, clothing and medicine, by $1,700. It would have devastating consequences on the retail industry, which supports 42 million jobs in the United States.
“The cost of the Border Adjustment Tax to all apparel and footwear retailers would be so significant that none of them could simply absorb it,” said Steve Knopik, CEO of Beall’s, Inc., which operates over 530 retail store sites across the southern and eastern United States and headquartered in Bradenton, Florida. “Were it to become law, there’s little doubt that prices would go up for consumers and in some cases stores would be shuttered and jobs would be lost. If the objective of tax reform is to revitalize the US economy, the Border Adjustment Tax would have just the opposite effect.”
“The Florida Retail Federation is proud to be a member of the Americans for Affordable Products coalition,” said R. Scott Shalley, President and CEO of the Florida Retail Federation. “We oppose the Border Adjustment Tax as it will have a disproportionately negative impact on Florida’s retailers, putting thousands of Floridians’ businesses and jobs at risk.”
• Press Release: AAP Grows to More Than 500 Strong
• Background: AAP Coalition Membership