Testimony against the consumer Tax Hike
Judson Phillips, Founder of Tea Party Nation, warns that retailers "will have to raise prices and the American consumer will pay more for those goods. Corporations don’t like to pay taxes. The shareholders of corporations don’t like taxes. They would rather see the money come back as a return on their investment, or spend it on other items, than send that money to Washington."
Stephen Moore of the Heritage Foundation and James Wallner of Daily Signal say "it's worth trying first to build a broader bipartisan consensus to juice the economy with the biggest tax cut since Ronald Reagan"
Veronique de Rugy of Politico says of Border Adjustability "It's too bad that Republicans have decided to add this feature to what is otherwise a very good plan"
Goldman Sachs Macro Economics Research says that the tax would "disproportionately hurt low-income households"
Jeff Currie, Goldman Sachs CEO, says on CNBC "You do end up with higher gasoline prices. So the question, who's ultimately going to pay for this tax, it's going to end up being U.S. consumers"
Rep. Jim Jordan on Drudge Report "Taxes always impact people, and it's going to be a tax on families who are buying products"
Phillips 66 announced that the border adjustment "could spike fuel by 40 cents a gallon"
Andrew Quinlan, President and Co-Founder of the Center for Freedom and Progress says "Congress is in serious danger of enacting a change that will likely lead to bigger government for generations to come."
Dan Mitchell of the Cato institute Described the tax as violating "international trade rules and the most likely fix would be to turn the plan into a VAT. That would be a disastrous recipe for a Greek-style fiscal future in America."
Steve Forbes Editor-In-Chief of Forbes says "It's a bad idea. Why do we want to make American consumers pay more for products while subsidizing foreign buyers?"
Courtney Reagan of CNBC says "The tax goes from $1.75 to $17 for that sweater, more than three times the profit on that sweater."
Rep. Roger Williams from Texas says that the consumer tax hike is "just another tax increase"