Larry Kudlow: Getting Rid of Border Adjustment Tax Will Move Reforms Forward
30 July, 2017, 01:26 | Author: Dustin Murphy
Republican leaders, including House Speaker Paul Ryan and Treasury Secretary Steven Mnuchin, released a joint statement Thursdayoutlining principles that will guide an overhaul of the tax code, a key legislative priority that until now has taken a backseat to health care repeal efforts.
House Speaker Paul Ryan is throwing in the towel on his controversial border adjustment tax proposal. During an exclusive interview on FOX Business, he explained why repealing ObamaCare makes tax reform easier, but they still have a "Plan B". "For three months we have been meeting regularly to develop a shared template for tax reform".
Republican leaders said on Thursday that the proposed border-adjusted tax won't be part of negotiations on how to overhaul the US tax code-delivering a victory to retailers' groups that had strenuously opposed the measure. "We're working to get a consensus as a framework, so that our tax writers, ways and means, and Senate Finance can actually go write this legislation". And after the BAT debacle, I wonder how the growing conservative support for a carbon tax will be affected, since such a proposal is likely to include some sort of border adjustment.
"It is more important for us than anything that we get tax reform done, because we think it is absolutely critical for strong economic growth", Ryan told Bartiromo. Republican leadership has proposed a compromise: $200 billion in cuts.
The White House announced yesterday that USA leaders will not consider a border-adjustment tax as part of the upcoming extensive tax reform, a move welcomed by think tank R Street as a victory for insurers, reinsurers, and their consumers, who all stand to benefit from a competitive and open US market.
The new plan will seek to rectify that by reducing corporate tax rates, which theoretically will convince companies to repatriate that cash and put it to work in the United States.
Republicans have reiterated that they are committed to passing comprehensive tax reform that lowers rates without creating a new border tax that would shift the burden to consumers.
The Trump administration has set a goal of economic growth of 3 percent.
Marc Gerson, a tax lawyer at Miller & Chevalier, said without a border-adjusted tax, the question for lawmakers was now how low tax rates could realistically get.
"By removing this costly element of reform, the way has been cleared for swift action on a middle-class tax cut that will put more money in the wallets of the American taxpayer", NRF president and CEO Matthew Shay said.
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That eclipses the previous record set by Minnesota United in January when it acquired Kevin Molino from Orlando for $A819,000. He played one year for the Bulls scoring 16 goals before he was drafted No. 16 in the 2012 MLS SuperDraft by Kansas City.
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