Trump Meets with Top Retail CEOs in High-Profile Tax Summit


This plan emerged before the protectionist Mr Trump had even secured his party's nomination.

Trump said his tax plan would be submitted in the "not too distant future". How does it work? Border-adjustment would change how those profits are calculated. And their exports would no longer count as revenues.

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As a effect, corporate tax will be assessed not on business profits (as they now are) but on a cash flow basis - that is, revenue from domestic sales less "deductions" relating to domestic sales and inputs. The destination tax would impose taxes on company profits from imports, such as cars made in Mexico and stereos made in China, but not tax exports such as profits made from selling Boeing jetliners overseas. It is not clear whether this will be possible or whether taxpayers will be required to isolate different divisions of their operations and determine the tax position of these divisions separately i.e. whether taxable income derived from domestic, import based and export based operations will need to be separately accounted for and returned or whether a form of consolidation will be allowed.

Is A Border Tax A Zero-Sum Game? "Anything that raises prices for families is not a good idea for America". They say that other nations impose value added taxes. VATs do not distort trade, because they are levied equally on all sales, regardless of whether the goods changing hands were made at home or overseas.

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To be sure, Trump may decide to defer on BAT to House Speaker Paul Ryan, who is quite committed to that plan and quite expert on tax matters. Consumers may also simply purchase fewer of these items as their prices increase-and it's this scenario that has some of America's largest retailers up in arms.

Deutsche Bank expects the dollar appreciation on account of the border tax to roughly offset the trade impact of the tax. And because the dollar, unlike prices and wages, moves constantly, proponents think that currency markets are where most of the adjustment would take place. "It's very hard to know just what would happen". For its part, Wal-Mart has come together with Target, Saks and other retailers to form the Americans for Affordable Products group to fight the tax adjustment. Any adjustment would be painful. Instead, he focused on the massive effort to cut federal regulation. Why tolerate such disruption?

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The unintended consequences of a border adjustment tax could include hits to the bottom lines of publicly traded companies that are big importers, said Luis Resendiz, who has advised global businesses for 20 years at the Minneapolis law firm of Fredrikson & Byron. In this odd time, the Korean government and companies have a lot to think about. There are probably easier ways to achieve similar goals. As you know, the overregulation costs our economy an estimated $2 trillion a year, which is incredible - $2 trillion - and it costs your businesses a lot of money, tremendous amounts of money and time.