Retailers took their fight against the proposed border adjustment tax to Washington today.
Eight executives from major U.S. firms met with President Trump in a closed-door session to discuss their concerns over the Republican’s tax overhaul, which would mean millions of dollars in additional taxes for companies that import product.
The executives in attendance included Jill Soltau of JoAnn Fabric and Craft Stores, Art Peck of the Gap, Brian Cornell of Target, and Marvin Ellison of JC Penney.
In a statement in the portion of the meeting open to the press, Trump called tax reform “one of the best opportunities to really impact our economy.” He promised a system that will be simpler and one that would save individuals and businesses a lot of money, allowing the latter to employ more people.
The President also addressed regulations, which he said cost the economy $2 trillion a year. He vowed cuts that would reduce them “by massive amounts.”
Read more at Sourcing Journal.