NACDS submitted testimony this week to the House Ways and Means Committee on a hearing, “Increasing U.S Competitiveness and Preventing American Jobs from Moving Overseas.” The hearing focused on ideas for job growth in the U.S. and considered potential ramifications of instituting a Border Adjustment Tax (BAT), which would cut taxes on exports and raise them on imports.
NACDS expressed a commitment to partnering with Congress on job growth and support for corporate tax reform, but argued against a BAT noting that it would “financially harm chain pharmacies, interfere with patient access to affordable medications and potentially cause pharmacies to cut jobs.”
NACDS submitted the statement in coordination with the Americans for Affordable Products coalition (AAP)—a group of more than 500 businesses and trade associations seeking to stop the BAT. In February, NACDS joined AAP in sending a letter to the bipartisan congressional leadership opposing the BAT stating that it is a “massive tax increase on consumers.”
NACDS will continue to work collaboratively with policymakers and allied stakeholders on protecting patient access and ensuring pharmacies are not negatively impacted by tax reform laws.