General Electric Co. is girding for a showdown with Wal-Mart Stores Inc. over a proposed U.S. tax on imports, setting up a battle across industries that could be one of the most fractious in recent corporate history.
GE, Dow Chemical Co., Eli Lilly & Co. and about 20 other companies joined the American Made Coalition, a group representing makers of domestic goods that will promote efforts to overhaul the U.S. tax code. They say the so-called border-adjusted tax would help U.S. manufacturers compete with products made overseas, giving a boost to President Donald Trump's goal of increasing factory jobs.
The battle is opening up a fault line in corporate America, with net importers mostly on one side and exporters on the other. Billions of dollars are at stake: The proposed overhaul of the corporate tax code, supported by House Speaker Paul Ryan, would reward companies that sell products outside the U.S. while punishing those that rely on low-cost overseas suppliers.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
