WASHINGTON (BRAIN) — Retail trade and other business groups, along with PeopleForBikes, are claiming victory following an announcement that congressional leaders will not include a border adjustment tax as part of tax reform legislation.
The White House announced the decision Thursday in a joint statement with legislative leaders.
"While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform," the statement said.
PeopleForBikes called the announcement "a significant win for U.S. bicycle manufacturers, retailers and consumers. Implementing a BAT would have significantly increased taxes and costs on our industry and those who buy bicycles.
PeopleForBikes and the Bicycle Product Suppliers Association lobbied extensively against a BAT.
"We are pleased to see that our efforts have been successful and that this policy will no longer be a threat to our industry and we appreciate congressional leaders not pursuing this proposal," the organization said.
The National Retail Federation, Retail Industry Leaders Association and the National Sporting Goods Association, among other groups, opposed the BAT, saying it would harm retailers and cost the average family $1,700 a year.
