Bloomberg Politics Quotes Peter Barnes: Koch Industries Says House GOP's Tax Plan ‘Could Be Devastating'

Koch Industries Inc., the influential private firm headed by billionaire Republican supporters Charles and David Koch, slammed a key element of the House Republicans’ plan to overhaul corporate taxes, saying it would raise prices for American consumers and “could be devastating” to the economy. “It’s going to slam clothing manufacturers hugely,” said Peter A. Barnes, an international tax lawyer at Caplin & Drysdale in Washington and a former senior tax lawyer at General Electric Co. Prices for U.S. consumers on everything from t-shirts to imported cars would increase by 15 percent to 20 percent, he said.

To view the full article, please visit Bloomberg Politics’ website.

Excerpt taken from the article “Koch Industries Says House GOP’s Tax Plan ‘Could Be Devastating’” by Lynnley Browning for Bloomberg Politics.