Ryan Telling Republicans Border Tax Is Dead

Ryan Telling Republicans Border Tax Is Dead

President Trump’s Budget Would Reduce Deficit By $160 Billion and Increase GDP Growth
We Are Already In Depression (If Borrowing Money Is Not Income)

House Speaker Paul Ryan and Ways and Means Chairman Kevin Brady have told Republicans that the controversial border-adjusted tax on imports is no longer part of tax-legislation negotiations, according to four people familiar with the ongoing discussions.

It’s unclear if a statement coming Thursday from the so-called Big Six — which includes Ryan, Brady, White House economic adviser Gary Cohn, Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell and Senate Finance Committee Chairman Orrin Hatch — will specify the elimination of the border-adjusted tax or not.

The border-adjusted tax, which would replace the current 35 percent corporate rate with a 20 percent levy on companies’ domestic sales and imported goods, had been a centerpiece of the House GOP tax plan endorsed by Brady and Ryan. It was estimated to generate more than $1 trillion over a decade, which would help pay for tax cuts promised by Republicans.

The concept had been under attack by retailers and other industries that rely on imported goods, who mounted a campaign saying it would raise prices for working Americans on everyday goods.

Ryan’s office didn’t immediately respond to a request for comment.