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Leading U.S. exporters launch a coalition in support of a House Republican plan for a "border adjustment" tax on all imports.
- The "American Made Coalition" includes more than 25 U.S. companies, including General Electric (NYSE:GE), Boeing (NYSE:BA), Dow Chemical (DOW), Eli Lilly (NYSE:LLY), Pfizer (NYSE:PFE) and Oracle (NYSE:ORCL).
- "American workers and businesses are not competing today on a level playing field with foreign competitors because of an outdated and unfair tax system," says a spokesperson for the group.
- The group's launch underscores a division in corporate America over the proposal that would cut corporate income tax to 20% from 35%, exclude export revenue from taxable income and impose a 20% tax on imports.
- Retailers, oil refiners and foreign automakers have been lobbying against any big tax on imports, which they say would hurt their sales and profits and put them at a disadvantage to rivals more reliant on U.S.-made products.