As we posted the other day, GSP expiration cost American companies $55 million in new taxes in November 2014, bringing the total taxes paid from August 2013 to November 2014. With GSP expiration, it’s not the case that just a few areas are impacted. Companies in every state are paying higher taxes, as shown on the graphic below.
- South Dakota accounted for more than a third of taxes paid on wooden statuettes from Sri Lanka;
- Wyoming accounted for more than 80 percent of taxes paid on bone char imports from Brazil,
- West Virginia accounted for more than 80 percent of taxes paid on iron cores for ignition systems from Thailand.
This often reflects a single importer being hit with higher taxes on niche products. And they will continue to do so until Congress renews GSP.