As noted yesterday, GSP expiration cost American companies more than $56 million in September alone, and more than $110 million through the first two months. Not surprisingly, big states pay the most, but companies in all states are stuck paying higher taxes on previously duty-free goods. Here are the top 10 states ranked by the...
Continue readingThis morning, we added our newest company to the GSP Supporter List: Ferndale, Washington-based Kona Bicycle Company. Located in 1st Congressional District, the 27-employee company imports from Cambodia under GSP. Kona isn’t the only new company calling on Congress to renew GSP before it expires on July 31. Other new additions include: ...
Continue readingThe Generalized System of Preferences (GSP) program eliminates U.S. tariffs (i.e., taxes) on certain imports from developing countries. GSP imports in 2011 totaled $18.5 billion and the program saved American companies more than $700 million. GSP saved West Virginia companies an estimated $630,000 in 2011. West Virginia companies imported an estima...
Continue reading