Every indexed document

the biggest benefit would accrue to companies

operating expenses are 20% of sales and an initial

the US Dollar Index is up over 25% since mid-2014

a company with a 25% gross margin that imports 30% of its goods

the break-even price increase would be equivalent to the cost of goods sold

the supplier or the retailer could look for

the supplier that took the tax hit would likely pass along a significant portion of

we may be drastically underestimating the impact because we have not included

currency rates and pricing power. On one

with nearly 80% of the drag coming from the Consumer Discretionary and

border adjustments would detract $5-6 from 2018

we also ignored the cost of services as the

we focus on the first order impact of border

net importers (such as many retailers) would suffer

using comprehensive tax reform as a means to tax

White House press secretary Sean Spicer’s recent reference to

” it is a key component of the Blueprint plan and should not be

or the application of border adjustments

of which the majority are from financial institutions with Japan

our rates team cites that $161bn of offshore funds are held in commercial