Daniel1769
New member
Koch Industries Says House GOP’s Tax Plan ‘Could Be Devastating’
by Lynnley Browning
December 8, 2016 — 12:00 AM EST
Full article here https://www.bloomberg.com/politics/...ays-house-gop-s-tax-plan-could-be-devastating
"Koch Industries Inc., the influential private firm headed by billionaire Republican supporters Charles and David Koch, slammed a key element of the House Republicans’ plan to overhaul corporate taxes, saying it would raise prices for American consumers and “could be devastating” to the economy.
In a statement, Koch objected to the plan’s proposal to replace the current corporate income tax with a 20 percent levy on U.S. companies’ domestic sales and on their imports of foreign goods and materials. Exports under the plan would be tax-free.
The proposal, which is generally known by the term “border adjustments,” would “adversely impact American consumers by forcing them to pay higher prices on products produced in and goods imported to the U.S. that they use every single day,” the company said in the statement.
Koch’s statement made clear that the company supports a comprehensive overhaul of the U.S. tax system. But its opposition to border adjustments is the most politically prominent yet in a swelling chorus of corporate voices concerned that the proposal would damage companies such as Wal-Mart Stores Inc. that rely on imported goods to sell products at low cost. For Republicans, buoyed by Donald Trump’s surprise electoral victory last month, the opposition demonstrates that their call for a tax overhaul early in Trump’s administration may hit some speed bumps..."
Call the Koch's "Democrats." Go ahead.
by Lynnley Browning
December 8, 2016 — 12:00 AM EST
Full article here https://www.bloomberg.com/politics/...ays-house-gop-s-tax-plan-could-be-devastating
"Koch Industries Inc., the influential private firm headed by billionaire Republican supporters Charles and David Koch, slammed a key element of the House Republicans’ plan to overhaul corporate taxes, saying it would raise prices for American consumers and “could be devastating” to the economy.
In a statement, Koch objected to the plan’s proposal to replace the current corporate income tax with a 20 percent levy on U.S. companies’ domestic sales and on their imports of foreign goods and materials. Exports under the plan would be tax-free.
The proposal, which is generally known by the term “border adjustments,” would “adversely impact American consumers by forcing them to pay higher prices on products produced in and goods imported to the U.S. that they use every single day,” the company said in the statement.
Koch’s statement made clear that the company supports a comprehensive overhaul of the U.S. tax system. But its opposition to border adjustments is the most politically prominent yet in a swelling chorus of corporate voices concerned that the proposal would damage companies such as Wal-Mart Stores Inc. that rely on imported goods to sell products at low cost. For Republicans, buoyed by Donald Trump’s surprise electoral victory last month, the opposition demonstrates that their call for a tax overhaul early in Trump’s administration may hit some speed bumps..."
Call the Koch's "Democrats." Go ahead.