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...
Continue readingTRInternational (TRI), based in Seattle, Washington, imports over 3 million pounds of eligible chemical products annually from Brazil, Thailand, and Turkey. These are raw materials that in turn are sold primarily to American manufacturers. As we wrote previously, TRI has made the Puget Sound Business Journal’s “Top 100 Fastest Grow...
Continue readingXpres LLC imports ceramic drink ware products (e.g., coffee mugs) from Thailand under GSP and then provides custom imprinting at its factory in Winston Salem, North Carolina. As a result of GSP expiration, this small manufacturer has paid more than $280,000 in higher taxes – or nearly $10,000 per employee! The high import taxes, combine...
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