US House Republicans exploring border tax design changes: lawmaker
Source: Reuters
03 FEB 2017 AT 16:25 ET
Republicans in the U.S. House of Representatives are considering possible changes to the design of their controversial border adjustment tax proposal to accommodate industries worried about being harmed by the provision, a top lawmaker said on Friday.
The measure, a centerpiece of the House Republican tax reform blueprint backed by Speaker Paul Ryan, is intended to encourage investment and manufacturing in the United States. But it faces mounting pressure from U.S. retailers, oil refiners and automakers who fear it could result in higher prices for consumer goods including gasoline.
Major U.S. exporters on Thursday threw their support behind a border tax, but President Donald Trump has sent mixed signals and some U.S. Senate Republicans question whether it would pass muster under international trade rules.
“We are listening carefully and exploring a number of ideas on both design and the transition of this provision to accommodate some of the concerns, valid concerns,” House Ways and Means Committee Chairman Kevin Brady told a conference on tax issues.
Read more: http://www.rawstory.com/2017/02/us-house-republicans-exploring-border-tax-design-changes-lawmaker/
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