Win for re/insurers as White House drops border-adjustment tax

A group of six Republican negotiators working on tax reform on Thursday did not announce any agreement on their target for corporate rate cuts - a signal that tax lobbyists said shows continuing divisions among Republicans about the closely watched rate.

The 20 percent border adjustment tax included in the "Better Way" tax reform plan proposed past year by House Speaker Paul Ryan, R-Wis., and Ways and Means Committee Chairman Kevin Brady, R-Texas, would effectively move the United States toward a consumption tax structure rather than the current income tax structure.

In response to the statement, Kentucky Chamber President and CEO Dave Adkisson applauded the new momentum behind a tax reform plan.

Speaker of the House Paul Ryan (R-Wisc.) supported the controversial proposal, while retailers said it would hurt shoppers with higher prices that would stifle consumer spending.

House Republicans released their own tax reform blueprint a year ago, and the White House released a one-page outline of priorities it would like to see in tax reform in April.

"The tax code is broken, and the changes being contemplated by Congress and the White House will go a long way toward fixing many problems".

In a short joint statement (http://www.marketwatch.com/story/heres-statement-from-congress-white-house-on-tax-reform-2017-07-27), Treasury Secretary Steven Mnuchin, House Speaker Paul Ryan and other officials also said they had chose to set aside the so-called border adjustment tax. "Broadening the tax base and lowering the corporate tax rate will allow our industry to compete effectively in the global marketplace, particularly without the additional burden of a border adjustment tax". Several Republican leaders opposed it as well.

Uttar Pradesh: Two SP MLCs, one BSP MLC resign from Legislative Council
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The joint statement said another goal is to place an emphasis on "permanence". "But if it's going to stop us getting to consensus to get tax reform done, then we don't want that to happen, meaning the border adjustment", he said. The discussions largely occurred outside the public eye, but roughly 200 lawmakers were briefed and the administration met with multiple business groups and trade associations on taxes that are largely supportive of the lower rates.

Still, an aide to Speaker Ryan, Doug Andres, said the plan wouldn't blow a hole in federal revenues.

The Trump administration has set a goal of economic growth of 3 percent.

"I don't think we can get to 3-percent growth without tax reform", he said.

Most economists say growth at that faster pace is unlikely given the aging USA population and low level of productivity gains in recent years.

Without a new source of revenue, it will make it more hard for Republicans to make tax code changes permanent and deficit-neutral.

"There's not a complete consensus on how best to do healthcare reform", he said.

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