The Consumer Tax
The border adjustment tax in the House GOP tax reform blueprint could have grave repercussions for the U.S. economy.
The blueprint adopts a tax system based on where a company’s products are consumed, rather than where they are produced or where the company is headquartered. American imports are taxed, while exports are exempted.
With this Consumer Tax, consumers will be paying more for essential items like food and gas, while corporate executives get a massive tax cut.
Who does the Consumer Tax hurt the most?
The Consumer Tax will hurt Americans across the board, but is particularly harmful for:
- Low and middle class Americans
- Retail stores
- Food companies
- Energy producers