Business Services Industry
Controversial export tax break and Congress.(TRADE)
Kiplinger Letter, The, August, 2004
Congress won't fix a controversial export tax break this year, despite the cost to U.S. exporters, who must pay higher tariffs in Europe. The duties were imposed in retaliation for the U.S. failure to end the tax exemption for overseas sales by American companies. The World Trade Org. has ruled that the exemption is an illegal subsidy. Tariffs are at 10% now and are set to rise one percentage point a month until they reach 17% next March, if Congress doesn't act by then.
Lawmakers probably won't solve the problem until next spring. That's when the Europeans are likely to hike the duties way above 17%, ratcheting up the pressure on Capitol Hill to move more swiftly.
So far, the dollar's weakness vs. the euro helps to ease the pain for many exporters by...
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