WASHINGTON Feb 15 U.S. President Donald Trump
will welcome the chief executive officers of Target Corp
, Best Buy Co Inc and six other major retailers
to the White House on Wednesday morning to discuss tax reform
Best Buy and Target have been fighting a proposal to impose
a border tax on imported goods, among sweeping changes presented
by the Republican-controlled House of Representatives.
Convincing Trump to oppose the measure would probably bring an
end to it.
Trump plans to announce his own tax plan in the coming
The meeting will include Target's Brian Cornell, Best Buy's
Hubert Joly, Gap Inc's Art Peck, Autozone Inc's
William Rhodes, Walgreens Boots Alliance Inc's Stefano
Pessina, J.C. Penney Co Inc's Marvin Ellison, Jo-Ann
Stores' Jill Soltau and Tractor Supply Co's Gregory
The group will also meet on Wednesday with the heads of the
two tax-writing congressional committees, Kevin Brady, chairman
of the House Ways and Means Committee, and Senator Orrin Hatch,
chairman of the Senate Finance Committee.
Brady and House Speaker Paul Ryan are leading the push to
overhaul the tax code by cutting the corporate income tax to 20
percent from 35 percent, imposing a 20 percent tax on imports
and excluding export revenue from taxable income.
Companies that rely heavily on imports, such as retailers,
automakers and refiners, say a border tax would outweigh the
benefit of a lower headline corporate tax.
Trump has voiced some concern about the House tax proposal,
calling it "too complicated." But the White House also has said
a border tax on goods from Mexico is one option under review to
pay for a wall along the nation's southern border.
The prospect of a big import tax is also pitting some of the
largest U.S. companies against one another. A group of major
exporters, including Boeing Co, General Electric Co
and Pfizer Inc, have formed their own coalition
to support the import tax.
(Reporting by Ginger Gibson; Editing by Lisa Von Ahn)