FOR IMMEDIATE RELEASE
April 11, 2017
Press Event: AAP, Local Business and Political Leaders Call on
North Carolina’s Congressional Delegation to Oppose the Border Adjustment Tax
BAT Would Increase Costs on Consumers and Jeopardize Jobs
Raleigh, NC – This morning, a group of concerned North Carolina business and political leaders held a press event in Raleigh to discuss opposition to the Border Adjustment Tax (BAT), which, if enacted, will hurt local businesses, employees and consumers. The event was hosted by the North Carolina Retail Merchants Association, the North Carolina chapter of Americans for Prosperity and Americans for Affordable Products (AAP).
“The Border Adjustment Tax will impact the budgets of every family in North Carolina,” said Andy Ellen, President of the North Carolina Retail Merchants Association. “From groceries and gas to prescription drugs and shoes, the BAT will slap a 20% increase on everyday goods that each North Carolina family depends on.”
The BAT is a component of U.S. House GOP tax reform plans, and calls for a 20 percent tax on imported goods, increasing the costs of everyday products by an estimated $1,700 per family per year.
“Even goods manufactured in the US will see a price increase because component parts and raw materials may be purchased from outside of the US. If that’s the case, the tax on those components and imported materials will raise prices for everyone, even if the item is ultimately assembled here,” continued Ellen. “Make no mistake, BAT will take a bite out of every American’s wallet.”
The BAT would be felt immediately in the pocketbooks of middle-class Americans, effectively amounting to a $1 trillion tax that would punish employers, consumers, and the American economy.
“The Border Adjustment Tax will be a $1 trillion revenue machine if Congress votes to create this new tax,” said Donald Bryson, state director for Americans for Prosperity. “Based on 2014 import values, this tax will result in a crushing $10.5 billion in new taxes on North Carolina’s economy. We urge every North Carolinian to call their Senators and Member of Congress. Tell them to kill the BAT before it kills your family’s budget.”
“Retailers cannot afford to pay a new tax that is more than their profits,” said Art Pope, CEO of Variety Wholesalers. “Retailers will either have to pass on the higher taxes to their customers through a 20% price increase, or go out of business. There is no good outcome if the BAT is passed, and I urge the entire North Carolina congressional delegation to reject this ill-conceived new tax.”
Americans for Affordable Products is a coalition of job creators, entrepreneurs, business leaders and consumers united against higher prices on everyday necessities. To learn more, please visit: www.KeepAmericaAffordable.com.
To schedule an interview with an Americans for Affordable Products representative, please email press@KeepAmericaAffordable.com.