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Ryan says U.S. tax reform consensus nears, does not mention border tax
Source: Reuters
#BUSINESS NEWS
JULY 20, 2017 / 4:05 PM / 4 HOURS AGO
Ryan says U.S. tax reform consensus nears, does not mention border tax
David Morgan
WASHINGTON (Reuters) - U.S. House Speaker Paul Ryan said on Thursday that tax reform talks are nearing a consensus to lower business taxes by closing loopholes and special interest deductions, the latest sign that the unpopular proposed border tax may not be included.
Speaking at a New Balance shoe factory in Massachusetts, Ryan stressed the need to "level the playing field" for U.S. companies and their foreign competitors but failed to mention the border adjustment tax, or BAT, which has been his main policy for creating a more competitive U.S. manufacturing base.
Ryan's remarks, coming about a week ahead of an end-of-July deadline for top White House officials and Republican leaders in Congress to agree on a tax reform framework, could indicate that President Donald Trump's promised tax code overhaul is taking on a more orthodox shape after months of closed-door talks.
Republicans in the House of Representatives had billed the BAT as a more effective way to pay for tax cuts than closing loopholes, because it would raise more than $1 trillion over a decade by effectively taxing imports while exempting exports from taxation.
-snip-
JULY 20, 2017 / 4:05 PM / 4 HOURS AGO
Ryan says U.S. tax reform consensus nears, does not mention border tax
David Morgan
WASHINGTON (Reuters) - U.S. House Speaker Paul Ryan said on Thursday that tax reform talks are nearing a consensus to lower business taxes by closing loopholes and special interest deductions, the latest sign that the unpopular proposed border tax may not be included.
Speaking at a New Balance shoe factory in Massachusetts, Ryan stressed the need to "level the playing field" for U.S. companies and their foreign competitors but failed to mention the border adjustment tax, or BAT, which has been his main policy for creating a more competitive U.S. manufacturing base.
Ryan's remarks, coming about a week ahead of an end-of-July deadline for top White House officials and Republican leaders in Congress to agree on a tax reform framework, could indicate that President Donald Trump's promised tax code overhaul is taking on a more orthodox shape after months of closed-door talks.
Republicans in the House of Representatives had billed the BAT as a more effective way to pay for tax cuts than closing loopholes, because it would raise more than $1 trillion over a decade by effectively taxing imports while exempting exports from taxation.
-snip-
Read more: http://www.reuters.com/article/us-usa-congress-tax-ryan-idUSKBN1A52OV
