The House Republicans’ proposed tax code changes, including the much-debated border adjustment tax, have drawn support from the CEOs of 16 U.S. companies.
Chief executive officers for companies including General Electric and Boeing addressed the proposed bill in a letter to both Republican and Democratic leaders on Tuesday, according to Reuters. The bill — led by House Speaker Ryan — suggests the U.S. reduce corporate income tax to 20% from 35%, as well as impose a 20% tax on imported goods. If these changes were to take place, then export revenue would not be taxable.
CEOs told Congress that this would only make products more competitive both internationally and domestically.
Ryan proposed the “simpler” tax code back in June 2016. Corporations that primarily export goods are largely in favor of the tax plan, while those that require imports, such as retail chains and automobile-makers, are less so.
After GE and Boeing, other CEOs who signed the letter were from CoorsTek, Caterpillar, Dow Chemical Co, Celanese, Celgene, Eli Lilly and Co, Raytheon Co, Merck, S&P Global, Oracle, United Technologies, Pfizer, and Varian Medical Systems, respectively.
President Donald Trump is expected to release his tax proposal in the coming weeks. He previously suggested that taxing imports from Mexico could fund construction of his proposed border wall.