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Congress seen as not likely to pass tax overhaul quickly

09 April, 2017, 03:24 | Author: Eddie Kim

The search for new options reflects a recognition of the political challenges facing a proposal known as a border-adjustment tax that the White House and some Republicans had begun to rally around.

Overhauling the tax code could prove harder to accomplish than repealing and replacing Barack Obama's health law.

Beltway Republicans met with White House National Economic Council director Gary Cohn in February, where insider Republicans such as James Baker and Hank Paulson argued for enacting a carbon tax.

Wall Street has also mostly stayed quiet on border adjustments because it's not clear how businesses such as trading and lending would be treated under the House GOP plan. After the bill was yanked before a vote, President Trump said, "Nobody knew health care could be so complicated".

"I think that the key is for us to work to resolve and narrow the differences on these provisions, always with the goal of the lowest rate in modern history for job creators", Brady said. They say any tax reform bill that includes the House border adjustment plan will never pass the Senate, so a protracted debate over the idea is a waste of precious legislative time. It won't be easy.

The meeting sparked speculation that the White House was considering a carbon tax as part of a broader tax reform plan.

Mr Trump's trade adviser Peter Navarro also dislikes how VATs imposed by other countries exempt their exports and tax goods imported from the US.

His plan would lower the corporate income tax rate to 20% and base taxes on where a product is sold, rather than where it is made.

Not a single Republican senator has publicly supported the tax. "You guarantee instability and strife".

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Jeffries' resolution also seeks for the House Ways and Means Committee to be given the ability to obtain and Trump's returns and review them in a closed session.

"Obviously we're driving the train on this", White House press secretary Sean Spicer said.

"The Border Adjustment Tax ... slaps outrageous taxes on imported goods - like clothing, food, medicine, and gasoline - products Americans rely on every day", the coalition says on its website.

"I think it's important for the administration to signal early the general shape" of what they would like to accomplish so that there are fewer proposals vying for attention, said Michael Mundaca, a former assistant Treasury secretary now at Ernst & Young. Since then, the number of exemptions, deductions and credits has mushroomed. Many carbon tax plans claim to raise $1 trillion over ten years.

Almost 34 million families claimed the mortgage interest deduction in 2016. During his campaign, the President made some pretty big promises, but it looks like he'll be making some changes in light of last week's healthcare defeat.

However, several players say negotiations on a way forward are non-existent.

It is a strategic move for the Trump administration as they struggle to find votes to support their legislative agenda.

"We're not negotiating with them at this point". There was never a meeting scheduled with the Freedom Caucus. "We're just listening", said Rep. Joseph Crowley, D-N.Y. "Syria poses no imminent threat to the United States, and the actions taken by the administration will only further radicalize our enemies and give them fresh propaganda to use against us".

To quote a favorite saying of the president, Not nice.

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