The Auto Care Association released the following statement reacting to the May 23 hearing in the U.S. House Ways and Means Committee:
“We applaud the House Ways and Means Committee for holding a hearing on the Border Adjustment Tax (BAT) today,” said Bill Hanvey, president and CEO, Auto Care Association. “The hearing clearly demonstrated that the BAT is simply an academic theory with tremendous risk involved for the country, in general, and to the auto care industry, in particular. Consumers will be stuck with the tax and the repercussions will be devastating. Our industry employs nearly five million people in the U.S. and they need jobs and business security, not theoretical assumptions to keep the economy moving forward.”
The BAT, which would impose a new 20 percent tax on imported goods and services, would result in a $20 billion per year tax increase on automotive parts. For the average family, this would mean a $160 increase in annual auto repair and maintenance costs, to about $1100 per year, according to an analysis of the tax conducted by the Auto Care Association.
For more information, contact Paul Fiore at [email protected] or 301-654-6664.
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