Sunday, May 28, 2017

TAMACC Opposes 20% Tax Proposal on Mexican Imports

Proposed import taxAustin, Texas – The Texas Association of Mexican American Chambers of Chambers (TAMACC) strongly opposes President Trump’s proposal for a 20% Tax on imports from Mexico to raise money for a border wall.

Mexico is Texas’ number one trading partner and the third largest trading partner with the United States. Per the United States Census Bureau, 33% of United States imports from Mexico flow through Texas, and 37% of United States exports to Mexico come from Texas.

There is strong and reciprocal trade between the Lone Star State and Mexico. Texas has a trade surplus with Mexico. In 2015, $92 billion worth of goods were exported across the border while importing $84 billion, per the United States Census Bureau.

“As Americans, we believe in secure borders, as business owners and entrepreneurs we oppose wasting billions of tax dollars to build a symbolic and ineffective border barrier between two friendly countries,” said TAMACC Chairman Sam Guzman. “This proposal would mean a loss of jobs, would be an economic blow to both countries, and would destroy an otherwise important strategic alliance with a friendly neighboring country. This is not good for Americans and Texans.”

In 2015, U.S. goods and services trade with Mexico was $583.6 billion. The top goods Texas imports from Mexico are computer and electronic products ($24.4 billion), transportation equipment ($18.2 billion) and oil and gas ($8.8 billion), per 2015 data from the Unites States Department of Commerce.

TAMACC is a nonprofit organization founded in 1975 to provide advocacy, technical assistance, and services to the Hispanic business community. With a base membership of over 15,000, nearly 600,000 Hispanic owned businesses, TAMACC is the premier Hispanic business organization in Texas.