Arlington, VA — The National Association of Chain Drug Stores (NACDS) has joined with more than 200 members of the Americans for Affordable Products coalition in laying out a strong case to Congress against the perils of the Border Adjustment Tax.
"From a health and wellness perspective; from a total-store perspective; from a consumer perspective; from an employee perspective; and from an employer perspective the Border Adjustment Tax would prove devastating and it should be considered a non-starter in the public policy arena."
In a letter to the bipartisan Congressional leadership, the coalition — including NACDS – wrote: “The goal of tax reform should be to lower effective tax rates for businesses of all sizes and ensure Americans benefit with more money in their wallet. We believe the Border Adjustment Tax would do the exact opposite by raising effective tax rates for many companies to well over 100%.
“The Border Adjustment Tax is not simple or fair. It proposes a massive tax increase on consumers and would result in increased costs on everyday necessities like food, clothing, gasoline and prescription drugs — necessities that Americans rely on daily – by as much as $1,700. It is really a ‘cost of living tax’ that will make the lives of millions of middle-class Americans harder and more expensive.”
Companies and associations that are members of Americans for Affordable Products speak for nearly one out of every four jobs in the nation.
“The Border Adjustment Tax would take the term ‘unintended consequences’ and redefine it for the ages,” said NACDS President and CEO Steven C. Anderson, IOM, CAE. “From a health and wellness perspective; from a total-store perspective; from a consumer perspective; from an employee perspective; and from an employer perspective the Border Adjustment Tax would prove devastating and it should be considered a non-starter in the public policy arena.”
For its part, NACDS supports the “Made in the U.S.A.” movement, as demonstrated by the success of programs to call attention to qualifying products at the NACDS Total Store Expo trade show and strategic exchange.
More information about Americans for Affordable Products is available at KeepAmericaAffordable.com.