Advocacy group says border adjustment tax could reduce U.S. spending power

Americans for Prosperity (AFP) recently released an article detailing why the border adjustment tax might have a negative effect on your wallet.
The border adjustment tax is an income producing plan that is expected to change the current way the government collects taxes. Americans for Prosperity is asking for those interested to tell Congress not to pass this change.
“It starts with slapping a 20 percent tax on any products brought into the U.S. from other countries to be sold here,” the AFP website states. For companies, that means “source their products and materials from other countries would pay 20 percent more for them.”
In turn, the increased cost will directly affect consumer prices, the press release explains. Things such as “groceries, clothes, and gas would all skyrocket with a border adjustment.”
AFP is questioning the tax change, saying it’s not a good way to revitalize and update the tax system.
“Instead, Americans for Prosperity is advocating for a flatter, simpler tax code that works for every American and business,” the website said.