Washington D.C., United States – The American Apparel & Footwear Association (AAFA) welcomed today’s joint statement by Congressional and Administration leadership that drops the border adjustment tax from tax reform discussions.
“The border adjustment tax was a bad idea looking for a place to happen. Luckily it will not happen in the United States of America,” said Rick Helfenbein, president and CEO of AAFA. “Today’s announcement by Congressional and Administration leadership is an important step on the path to providing long term tax reform that simplifies the code, lowers burdens, supports U.S. jobs, grows the economy, and makes our nation more globally competitive.
“Thanks to Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Secretary Steven Mnuchin, Director Gary Cohn, Chairman Orrin Hatch, and Chairman Kevin Brady for recognizing the difficulties and uncertainties associated with a border adjustment tax, as well as listening to concerns from the business community and other stakeholders regarding how this provision would have harmed American companies, American jobs, and American consumers. We will continue to work with Congress, the Administration, and others to design a tax code that benefits everyone.”
Source: The American Apparel & Footwear Association