Friday, February 03, 2017

Tax Wars

A tax pox on their House?
The proposal could help American workers and exporters who are struggling to compete against low-wage workers in other countries. However, it could also drive up prices for imported goods, including automobiles, consumer electronics, oil - and therefore gasoline - and everyday retail items.

The border adjustment tax is a key feature of House Republicans' efforts. It provides the revenue - more than $1 trillion over a decade - to help pay for lower overall tax rates.

With control of the House, Senate and White House, Republicans believe they have a unique opportunity to remake the tax code to their liking.

But Republican solidarity is crucial for success. The GOP holds only a two-seat majority in the Senate, and no Democrat has signaled support for the House plan.

Also, President Donald Trump has been critical of the plan.

The proposal is championed by House Speaker Paul Ryan, R-Wis., and Rep. Kevin Brady, R-Texas, chairman of the tax-writing House Ways and Means Committee.
And conservatives wonder why they're having trouble getting rid of Obamacare...

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