New trade data released today shows just why last night’s vote in the House was so important: GSP expiration cost American companies another $58.3 million in July.
For the first seven months of the year, those companies have paid $394 million in new taxes. Needless to say, that money could’ve been better spent hiring new employees (or keep the ones already there), buying new equipment or otherwise investing in the business, or just spending money around town and boosting the local economy.
Let’s hope the Senate sees the urgency of the situation and decides to take up H.R. 2832 sooner rather than later.