The proposed Border Adjustment Tax (BAT) could cost the average family $1,700 in the first year alone if it is enacted.
TRA is pushing back against the ill-conceived tax that could burden our members. TRA, along with other retail associations, retailers, and retail service providers have joined the Americans for Affordable Products Coalition. The Americans for Affordable Products is a coalition of job creators, entrepreneurs, and business leaders united against higher prices on everyday necessities. Together, we oppose any Border Adjustment Tax (BAT) because it will increase the cost of clothing, food, medicine, gas, and other essential items that Americans rely on. We support comprehensive tax reform and encourage Congress to implement policies that helps businesses of all sizes, ensures the protection and creation of jobs, and promote prosperity for all Americans. Click here the join the coalition.
How much more could BAT affect you? National Retail Federation estimates the following:
- For the average family, 27 percent of their savings (income after taxes and expenditures) could evaporate with the cost increases caused by the border tax.
- Unmarried adults without children currently have only $443 left over annually after taxes and expenditures. If the border adjustment tax were enacted, they could see an $836 increase in costs — nearly 200 percent higher than their annual savings.
- One-parent households, which are already in the red, could see an additional $1,000 added to their debt burden as they do what they can to make ends meet. Their apparel and footwear bills would increase by $271 alone.
- The average family (married with children) could see their apparel costs (including shoes) increase by $437 a year.
- Single people could see their annual gasoline bills rise by $189, a whopping 43 percent of their annual average savings.
- Married couples with children could see their annual gasoline bill could increase by over $400.