Too Late to Save This GSP Importer, But Not Too Late for Others
We heard yesterday from someone that used to import under GSP. Sadly, he and his wife no longer own the business they started together more than 10 years ago. Why? GSP expiration caused a major hit on cash flow and made it difficult to fulfill orders. By the time we surveyed companies in September 2014...
Continue readingFor GSP Importers, the State of the Union Could Be Stronger
President Barack Obama will begin his annual State of the Union address momentarily. It will touch on a number of issues, includes taxes, foreign policy, education, and yes, even trade. Some proposals will be viewed as partisan, and others will simply be controversial (regardless of party). Many will be DOA in Congress. Yet programs like...
Continue readingWhich States’ Companies Are Paying Higher Taxes Because of GSP Expiration? All of Them.
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 readingGSP Expiration Cost American Companies Another $55 Million in November 2014
Based on data released last week, continued GSP expiration cost American importers another $55 million in November 2014. For New Mexico, November 2014 was the most costly month yet in terms of unnecessary taxes paid because of GSP expiration, driven largely by above average imports of jewelry from the Philippines and Turkey. From August 2013...
Continue readingWelcome, 114th Congress! Now Please Renew GSP.
On a snowy day in DC, the 114th Congress was officially sworn in today. After a year-and-a-half of inaction on the expired GSP program, the new Congress couldn’t get here soon enough. The House alone has nearly 60 new members – many of which represent companies with a direct stake in swift, retroactive GSP renewal....
Continue readingWant to Help Small Businesses? Then Renew GSP.
It’s Small Business Saturday, a chance for politicians of all stripes to show their “small biz” bonafides. (Check out how many are tweeting with the hashtag #SmallBusinessSaturday.) Yet for the last 16 months, Congressional failure to renew the Generalized System of Preferences (GSP) program has damaged small businesses throughout...
Continue reading600+ American Organizations Send Letter Urging Congress to Renew GSP in Lame Duck
Yesterday afternoon, more than 600 American companies and associations sent a letter to congressional leaders urging GSP renewal before the end of the year. The letter noted that the current expiration is the longest in the GSP program’s 40-year history and that, if renewal slips into 2015, the tax hike on American companies will exceed ...
Continue readingGSP Expiration Cost Another $58 Million in September
Based on data released last week, continued GSP expiration cost American importers another $58 million in September 2014. For a number of states – Alabama, Arkansas, Florida, Michigan, Nevada, and Ohio – September 2014 was the most costly month to date in terms of tariffs paid. Since GSP expired on July 31, 2013, companies have...
Continue readingGSP Expiration Cost Importers $58 Million in August 2014
Based on data released this week, continued GSP expiration cost American importers another $58 million in August 2014. For a number of states – Georgia, Kansas, Michigan, Missouri, New Hampshire, Wisconsin, and Wyoming – August 2014 was the most costly month to date in terms of tariffs paid. (Depressing that we now must use the...
Continue readingNEW REPORT: Lost Sales, Investments, and Jobs – Impact of GSP Expiration After One Year
A report released today by the Coalition for GSP adds further urgency to the need to Congress to renew GSP immediately. The report, Lost Sales, Investments, and Jobs: Impact of GSP Expiration After One Year, catalogs the impacts of GSP expiration on more than 200 companies and shows that delayed renewal is forcing companies to...
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