KIND Founder Daniel Lubetzky said he opposes the proposed border adjustment tax because it won’t be beneficial to consumers and the economy.
“I hope that that’s going to be amended or changed because I don’t think it’ll help with the economy. I don’t think it’ll help consumers,” Lubetzky said during an interview on the FOX Business Network’s Varney & Co.
The proposed 20% border adjustment tax by House Republicans would be applied to imported goods and services. President Trump introduced the import tariff during his first week as president as a way of paying for his proposed Mexican border wall.
According to the snack bar maker, the company could capitalize from a tax on imports even though a 100% of its products are made in the United States.
“It actually would benefit us because a lot of our competitors make their products and much more of their ingredients are from Canada, China and other countries. So we would actually be benefiting, I am just thinking more as an American citizen that it’s not helpful to our economy,” Lubetzky said.
When asked by FOX Business’ Maria Bartiromo if he foresees a price hike, the KIND CEO said, “If our raw materials end up costing us more, we would be forced to pass it on to our consumers.”
Lubetzky is pledging $25 million of his own money to an organization called “Feed the Truth," dedicated to keeping food companies honest and transparent.
“I think that when people abuse their rights and hurt the consumer, we need to make them accountable,” he said.