BORDER/TAXES/TRADE DEALS: “An aggressive corporate lobbying effort to derail a Republican-backed border tax has forced lawmakers working on tax reform to seek alternatives, Kevin Brady, chairman of the tax-writing U.S. House Ways and Means Committee, said on Wednesday [7-19-17].
The proposed border adjustment tax on U.S. companies that move jobs abroad and import products back into the U.S. market was meant to be a linchpin of a Republican tax overhaul in the House of Representatives.
Brady and members of the Ways and Means Committee faced aggressive pushback from leading companies that rely on imports, eroding Republican support for the border tax…
It was a rare instance of a lawmaker acknowledging the impact of industry in lawmaking.
He would not declare the proposed border tax dead, but he acknowledged being open to other alternatives that would accomplish the same goals, primarily removing incentives for American companies to move operations overseas.
Retailers were united in their response.”
-Ginger Gibson, “Corporate lobbying helped derail border tax: senior Republican,” Reuters, July 19, 2017 10:39am