Press Releases Jewelers of America Applauds Removal of Border Adjustment Tax from Reform Proposals Published 4 years ago on August 3, 2017 By INSTORE Staff Share Tweet The tax ‘would have been a huge burden.’ (Press Release) – Jewelers of America, a national trade association for businesses serving the fine jewelry marketplace, welcomes an announcement from the Trump Administration and Congressional leaders that the border adjustment tax (BAT) will not be included in any comprehensive tax reform proposal being considered. Jewelers of America had been advocating against the tax, which was included in the earlier House Republican Tax Reform Blueprint. It wouldhave imposed a 20 percent tax on all imports, including finished jewelry and mined materials used to produce jewelry. “The border adjustment tax would have been a huge burden on the US jewelry industry, which relies heavily on the import of mined materials like diamonds, precious metals and gemstones,” says Jewelers of America President and CEO David J. Bonaparte. “Its removal from tax reform proposals is a big win for our members and the industry.” The announcement came in a joint statement on tax reform from House Speaker Paul Ryan (R-WI 1st), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT) and House Ways and Means Committee Chairman Kevin Brady (R-TX 8th). “While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform,” officials said in the statement. Jewelers of America had most recently advocated against the proposal during the Jewelers of America Political Action Committee’s annual D.C. fly-in, held June 20-21. The fly-in included meetings with key officials including Senator Hatch, who attended a private dinner with attendees on June 21. The association will be closely watching as the tax reform debate unfolds and supporting key elements such as providing the full and immediate write-off of business expenses and eliminating the estate tax, while fighting those that could hurt jewelry businesses such as repeal of LIFO, the last-in, first out accounting method. Jewelers of America plans to release a more comprehensive update to members on tax reform and other issues affecting the industry. Advertisement Related Topics: Jewelers of America click to Comment(Comment) Up Next GJEPC Chairman Announces Moves to Deal with Undisclosed Mixing of Lab-Grown Diamonds Don't Miss GIA Offers Over $2M in Scholarships for 2018 Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.” You may like Jewelers of America Opens 2021 CASE Awards Jewelers of America Debuts Digital Academy Series JA and National Jeweler Release Diversity Survey Results Promoted Headlines Digital Warrior: A Conversation with GemFind’s Alex Fetanat GemFind A Sales Meeting Platform for The 21st Century The Plumb Club With Average Retails of $250, This Is One Brand You Won’t Want to Miss! Chic Pistachio Advertisement Latest Trending Videos Press Releases14 hours ago Gembridge Announces Global Industry Ambassador Network Press Releases15 hours ago Christopher Designs Celebrates 40th Anniversary Press Releases2 days ago GJEPC Signs MoU with eBay Fun5 days ago 54 Funny Memes That Will Make You Say ‘Yup, That’s Life in Retail!’ Headlines1 week ago Paris Hilton’s Engagement Ring May Be Worth $1M+ Headlines1 week ago $5.2M in Fake Cartier Jewelry Seized in Kentucky Sponsored Content4 days ago Digital Warrior: A Conversation with GemFind’s Alex Fetanat Jimmy Degroot1 week ago Video: Sharpen Your Bridal Jewelry Presentations Sponsored Content1 week ago With Average Retails of $250, This Is One Brand You Won’t Want to Miss! Advertisement SubscribeBULLETINS INSTORE helps you become a better jeweler with the biggest daily news headlines and useful tips. (Mailed 5x per week.) Latest Comments Most Popular Fun5 days ago 54 Funny Memes That Will Make You Say ‘Yup, That’s Life in Retail!’ Headlines1 week ago Paris Hilton’s Engagement Ring May Be Worth $1M+ Headlines1 week ago $5.2M in Fake Cartier Jewelry Seized in Kentucky Headlines3 days ago Bergio Acquires Online Jewelry Retailer Aphrodite’s Benchmarks1 week ago These Jewelry Retailers Grab Shoppers’ Interest with Inventive Displays Hot Sellers1 week ago These Were the Top-Selling Jewelry Brands and Categories in January, According To Our Brain Squad Columns4 days ago 3 Tips to Becoming the Most Resilient Jewelry Store Owner You Know Sponsored Content1 week ago With Average Retails of $250, This Is One Brand You Won’t Want to Miss!