Re “Don’t believe the false ads; the Republican tax plan will create jobs without raising taxes” letter by Rep. Tom Rice.
Rice’s support for the proposed Border Adjustment Tax is not based in reality. Today’s marketplace is global. American businesses of all sizes rely on imports -- products, raw materials or parts -- to help them build companies that are profitable and provide value to customers.
The BAT would hit our businesses with a 20 percent increase on imported items, particularly retail, our state’s number one industry. This will force those business owners to make difficult decisions such as increasing prices and scaling back employment.
All of this will have a ripple effect that will be felt by consumers. Estimates show that families could pay up to $1,700 per year more on the everyday basics they put in their shopping carts -- food, medicine and clothing.
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Rice has honorable intentions for pushing for tax reform to create jobs and economic growth. But the BAT is not the path to get there.
Cody Fongemie, founder of Coastal Conservatives