Proposed border adjustment tax under fire

Congressional Republicans’ proposed border adjustment tax is facing opposition from some businesses, including Wal-Mart, Best Buy, Costco, Macy’s, Nike and Target. These retailers are members of Americans for Affordable Products, a business coalition working against border adjustment. Some Republicans are also concerned about the proposal. The main thrust of border adjustment is to exempt companies from having to pay federal income tax on export revenues while ending the deductibility of import costs from taxable income.