Retail CEOs head to DC to ward off import tax
Chief executives of some of America’s largest retailers, including Target and Best Buy, are headed to Washington this week to make their case that a controversial tax on imports would raise consumer prices and hurt their businesses, according to people familiar with the plan.
The group of eight retail bosses, that also includes chief executives of Gap and Autozone, will meet on Wednesday with Kevin Brady, chairman of the tax-writing House Ways and Means Committee, and with members of the Senate, four people said in recent days.
Reuters could not confirm the full list of participants.
This is the first time well-known retail CEOs will descend on Washington as a group to try to make the case to kill the import tax proposal. Their input has more ur- gency as President Trump is finalizing his own tax plan that he plans to unveil in the coming weeks.
It is not known if the group, including Target CEO Brian Cornell, Best Buy CEO Hubert Joly, Gap CEO Art Peck and Autozone CEO William Rhodes, will meet with Trump at the White House while in town, according to people familiar with ongoing discussions.
Brady and Speaker Paul Ryan are leading a House Republican push that would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose a 20 percent tax on imports.
Companies that rely heavily on imports, such as retailers, automakers and refiners say a border tax will outweigh the benefit of a lower headline corporate tax.
Representatives of the retailers did not respond to requests for comment.