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TGA Announces Opposition to Border Adjustment Tax Even as Trump and House Republicans Continue to Push It
House Republicans continue to push the Border Adjustment Tax (BAT) as part of their “A Better Way” corporate tax reform proposal. Recently, President Trump has made cryptic signals of support, although Trump’s Press Secretary has conflated the BAT with a border tariff describing Trump’s support. Under the House Republican proposal, corporate tax rates would drop from 37.5% to 20%. However, to help cover the loss in revenue, the House proposal would also impose a Border Adjustment Tax. Under BAT (BAT explained – Example 1, Example 2), imported materials and products would no longer be allowed to be deducted as part of a company’s Cost of Goods Sold (COGS). As a result, with 99% of travel goods sold in the U.S. being imported, a travel goods company’s tax base would increase dramatically under the proposal, even as the tax rate they pay on that base declines. For many companies, that means the resulting tax bill would be 3-4 times their current tax bill, in many cases, more than their profit (estimate your new tax here). As a result, TGA has joined large swaths of the U.S. business community in the new Border Adjustment Tax (BAT) Coalition to strongly oppose the BAT proposal. Congress is expected to consider corporate tax reform later this year. We need you to speak up. Click here to tell your members of Congress to oppose the BAT proposal.
TPP is Officially Dead
On January 30, the Office of the U.S. Trade Representative (USTR) officially withdrew from the Trans-Pacific Partnership (TPP) Free Trade Agreement, a proposed FTA between the U.S. and 11 other countries, including Vietnam and Japan. The formal withdrawal came after President Trump fulfilled his campaign promise to withdraw from the TPP during his first full day in office. If TPP had been implemented, travel goods from Vietnam and all other TPP countries would have been able to enter the U.S. duty-free under very flexible rules of origin. In its stead, key Trump officials have proposed beginning aggressive negotiations towards bilateral FTAs with certain countries. Please note that TPP took over five years to negotiate.
Safe Skies has an agreement with the Transportation Security Administration (TSA) to manufacture and distribute TSA luggage locks. Airport security has master tools to open, inspect and relock TSA Safe Skies® luggage locks rather than clipping the locks during mandatory checked baggage inspections at U.S. airports, allowing travelers to reuse these special luggage locks. TSA Safe Skies luggage locks are also approved by the Canadian, Australian, Israeli, German, UK and Swiss governments. MORE
Trump Order Targeting Business Rules Leaves Key Regulations Untouched
President Donald Trump signed an order on Monday that will seek to dramatically reduce federal regulations, but the policy will not apply to most of the financial reform rules introduced by the Obama administration. Trump's latest executive action will require that agencies cut two existing regulations for every new rule introduced and it will set an annual cap on the cost of new regulations. READ MORE
How Retailers Should Think About Online Versus In-Store Pricing
HARVARD BUSINESS REVIEW
One of the biggest questions faced by brick-and-mortar retailers today is whether prices should be the same online and in stores. Gaining clarity on this issue is critical for traditional retailers to successfully compete in both environments. Brick-and-mortar retailers have been struggling with pricing since Amazon’s inception 23 years ago, so why is it so important to resolve this issue now? READ MORE
Trump's Travel Ban Could Hamper U.S. Tourism, Business
President Trump's ban on travelers from seven majority-Muslim countries could have a chilling effect on U.S. tourism, global business and enrollment in American universities, say a cross-section of legal experts and travel advocates. While the orders are temporary, these voices say the policy could have a long-term impact. READ MORE
Chao Confirmed as Transportation Secretary
The U.S. Senate on Tuesday overwhelmingly approved Elaine Chao as the Trump administration's secretary of transportation, by a vote of 93-6. Chao, the wife of Senate majority leader Mitch McConnell, served as secretary of labor under George W. Bush and as deputy secretary of transportation under George H.W. Bush. READ MORE
Immigration Ban Prompts Fee Waivers and Refunds from Airlines
THE NEW YORK TIMES
Citizens of the seven predominantly Muslim countries affected by President Trump’s executive order banning people from entering the U.S. – Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen – are a relatively small segment of the inbound traffic, and a handful of airlines swiftly responded with a raft of fee waivers and refunds as the President’s policy continued to evolve. But domestic carriers and airports did not report significant disruptions to their operations. READ MORE
The State of the Retail Industry 2017
NATIONAL RETAIL FEDERATION
NRF President and CEO Matthew Shay welcomed yet another record-breaking crowd of close to 35,000 to the second day of Retail’s BIG Show. Shay kicked things off by talking about disruption – not only in terms of rapidly evolving technology and preferences in the retail industry, but also how disruption has come to Washington, D.C., in the form of a new President who was elected on a platform of change. READ MORE
The Latest in Luggage: The Bold and the Beautiful
THE NEW YORK TIMES
Whether you check them or carry them on, today’s bags are stylish and high-tech, be they shiny spinners from the model Ines de la Fressange and the French label Lipault, or sleek suitcases from the newcomer Raden with USB ports to charge your smartphone and tablet. If you have been longing to indulge in more refined luggage, now may be the time to spring for something new. READ MORE
5 Tips for Improving Your Online Presence with Social Media Marketing
BUSINESS 2 COMMUNITY
Driving more targeted audiences and page views to your website can be difficult. Getting started without any knowledge and experience about social media marketing can also be time-consuming. Here are five helpful and effective social media marketing tips that will help you improve your online social media presence. READ MORE
Eight Bad Habits You Must Break to Be More Productive
Bad habits slow you down, decrease your accuracy, make you less creative, and stifle your performance. Getting control of your bad habits is critical, and not just for productivity’s sake. Some bad habits cause more trouble than others, and the eight that follow are the worst offenders. Shedding these habits will increase your productivity and allow you to enjoy the positive mood that comes with increased self-control. READ MORE
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