Ryan drops border-tax proposal as GOP unifies around principles
The White House and congressional GOP leaders said Thursday that they are no longer looking at a border-adjustment tax as they work to get tax reform legislation enacted this year.
In a statement backed by Speaker Paul Ryan (R-Wis.), the leading advocate for the border tax, the GOP's "Big Six" said they were casting the idea aside.
“While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform,” the administration officials and lawmakers said in a statement.
The border-adjustment proposal, part of a tax reform plan House Republicans released last year, would subject imports to U.S. tax while exempting exports. Supporters of the proposal had argued that it would remove incentives for companies to move their jobs and headquarters to other countries.
But the proposal faced steep pushback from the retail industry, conservative groups and many GOP lawmakers. The White House and GOP Senate leaders never embraced the proposal.
http://thehill.com/policy/finance/344155-ryan-drops-border-tax-proposal-as-gop-unifies-around-principles
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