CEOs of 16 firms urge Congress to pass border tax

The proposed border adjustment tax would make US-manufactured products more competitive abroad

CEO of 16 companies, including Boeing Co, Caterpillar and General Electric Co, have urged the US Congress to pass a tax code rewrite, including a controversial border tax. In a letter to Republican and Democratic leadership on Tuesday, they said a proposed border adjustment tax would make US-manufactured products more competitive abroad and at home by making imported goods face the same level of taxation. It was the latest move in a back-and-forth lobbying effort from companies over changes to the tax code. Speaker Paul Ryan has proposed lowering the corporate income tax to 20 per cent from 35 per cent, imposing a 20 percent tax on imports.