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Former Walmart Chief Bill Simon Defends Import Tax

Retail executives have been almost unanimous in their opposition to President Trump’s proposed 20 percent border adjustment tax, or BAT. Almost, except for former Walmart U.S. president Bill Simon, who in a hearing yesterday on Capitol Hill, could boost domestic manufacturing jobs if implemented correctly. But Target CEO (and former Sam’s Club chief) Brian Cornell took the position of most other merchants that the import tax would “hit families hard, raising prices on everyday essentials by 20 percent.”

“A proposed 20 percent import tax – dubbed the border adjustment tax – continued to be a source of contention among retail executives and lawmakers at a hearing on Capitol Hill today.”