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AMTAC Press Statement: Industry Supports Border Tax Equity Act |
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Written by LNC
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Thursday, 18 June 2009 |
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American Manufacturing Trade Action Coalition
PRESS STATEMENT
Industry Supports Border Tax Equity Act
Newly Introduced Legislation Would Negate Disadvantage
to U.S. Producers Caused by Foreign Border-Adjusted Taxes
CONTACT: Lloyd Wood
(202) 452-0866 or
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June 18, 2009
WASHINGTON, DC – U.S. Representative Bill Pascrell (D-NJ) joined by fellow U.S. Representatives Walter Jones (R-NC), Mike Michaud (D-ME), Gresham Barrett (R-SC), Marcy Kaptur (D-OH), Lynn Westmoreland (R-GA), and Steve Rothman (D-NJ) introduced the Border Tax Equity Act, H.R. 2927, late yesterday. The legislation would negate the estimated $474 billion disadvantage to U.S. producers and service providers caused by foreign border-adjusted taxes, including value-added (VAT) taxes. Countries with border-adjusted taxes like a VAT use the tax as a trade barrier by assessing it on imports, including shipping, insurance, and tariff costs. They also use a VAT as an export subsidy by rebating it on exports.
“AMTAC thanks Congressman Pascrell and the other sponsors and supporters of this critically important bill. It represents a crucial attempt to rectify one of the largest inequities facing American manufacturers as they attempt to compete globally,” said George Shuster, CEO of the Cranston Print Works of Cranston, RI and Co-Chair of the American Manufacturing Trade Action Coalition (AMTAC).
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VAT continues to be seeded in news stories surrounding health care |
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Written by Stumo
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Tuesday, 16 June 2009 |
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From a NY Times story today on the health care debate:
Democrats on three House panels continue to meet privately to seek consensus on a single plan. Democrats on the House Ways and Means Committee said they were trying to decide whether to finance coverage of the uninsured with one broad-based tax, like the value-added tax, or a combination of smaller taxes.
The value-added tax, common in other countries, is collected in stages from each business that contributes to the production and sale of consumer goods. Economists say a 5 percent VAT could have raised $285 billion last year.
But a VAT could violate Mr. Obama’s campaign pledge not to raise taxes on households with incomes under $250,000 a year. |
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