Featured Executive: Target CEO Brian Cornell
On Tuesday, the CEO of Target testified against the idea to the House tax-writing committee, as many large retailers are leery of a tax on the thousands of products they import from foreign markets.
“Under the new border adjustment tax, American families – your constituents – would pay more so many multinational corporations can pay even less,” said Target CEO Brian Cornell. “Eighty-five percent of Americans shop at Target every year. We believe this new tax would hit those families hard, raising prices on everyday essentials by up to 20 percent.”
The tax on imports, dubbed the border adjustment tax, has divided Republicans and retailers. Proponents argue the tax would help American manufacturers while raising $1 trillion over 10 years, and opponents say the plan would result in higher prices for consumers and cause businesses to lay off workers.
Read more about Cornell's comments by clicking here.