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June 21, 2017

Tax overhaul in trouble over import tax proposal

  • Retailers, automakers, the oil industry and a growing number of Republicans say the “border adjustment tax” would raise import costs and consumer prices.
    • By STEPHEN OHLEMACHER
    Associated Press

    WASHINGTON — A key part of House Republicans' plan to overhaul the way corporations pay taxes is on life support, leaving lawmakers scrambling to save one of President Donald Trump's biggest priorities and increasing the chances the GOP will simply pass a tax cut instead of overhauling the tax code.

    A proposed tax on imports is central to the GOP plan to lower the overall corporate tax rate. It would generate about $1 trillion over the next decade to finance the lower rates without adding to the deficit. It would also provide strong incentives for U.S.-based companies to keep their operations in the United States and perhaps persuade companies to move overseas operations to the U.S.


     
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