{"id":19495,"date":"2017-01-17T05:56:57","date_gmt":"2017-01-17T05:56:57","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=19495"},"modified":"2017-01-17T05:56:57","modified_gmt":"2017-01-17T05:56:57","slug":"trump-criticizes-controversial-piece-house-gop-tax-plan","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/trump-criticizes-controversial-piece-house-gop-tax-plan.html","title":{"rendered":"Trump criticizes controversial piece of House GOP tax plan"},"content":{"rendered":"
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Trump criticizes controversial piece of House GOP tax plan<\/span><\/strong><\/span><\/h2>\n

Trump criticizes controversial piece of House GOP tax plan:-<\/strong> President-elect Donald Trump criticized a key piece of the House Republicans’ tax-reform plan that has also been drawing opposition from some businesses.<\/span><\/p>\n

Trump told The Wall Street Journal in an interview published Monday that he is not a fan of the “border adjustment” proposal, which would tax imports and exempt exports.<\/span><\/p>\n

\u201cAnytime I hear border adjustment, I don\u2019t love it,\u201d he said. \u201cBecause usually it means we\u2019re going to get adjusted into a bad deal. That\u2019s what happens.\u201d<\/span><\/p>\n

Trump, who has proposed lowering the corporate tax rate to 15 percent, told the Journal that he didn’t think border adjustment was needed in addition to lower taxes.<\/span><\/p>\n

\u201cUnder the border adjustment concept, if somebody is making a motorcycle or a plane in our country, they\u2019re getting a credit for the plane they make before they send it over to wherever it\u2019s going,\u201d he said. \u201cAnd you don\u2019t need that plus lower taxes and everything else.<\/span><\/p>\n

“And it’s too complicated. They get credit on some parts and not other parts. Where was the part made? I don\u2019t want that. I just want it nice and simple.\u201d<\/span><\/p>\n

Trump’s comments come as Republicans on the House Ways and Means Committee are working to develop tax-reform legislation that includes the border-adjustment proposal. Tax reform is a top agenda item for both Trump and congressional Republicans, and House Speaker Paul Ryan (R-Wis.) and top advisers to Trump met to discuss the topic last week.<\/span><\/p>\n

Retail groups and Koch Industries have also voiced their opposition to border adjustments, saying they would increase prices for consumers.<\/span><\/p>\n

But House Republicans have been defending the border-adjustment proposal, saying that it would remove incentives for companies to move jobs overseas and make the U.S. tax system more like those of other countries. They view it preferable to the 35-percent tariffs that Trump has floated for companies that move factories to other countries.<\/span><\/p>\n

\u201cSpeaker Ryan is in frequent communication with the president-elect and his team about reforming our tax code to save American jobs and keep the promises we\u2019ve made,\u201d said spokeswoman AshLee Strong. \u201cChanging the way we tax imports and exports is a big part of that, and we\u2019re very confident we\u2019ll get it done.\u201d<\/span><\/p>\n

Incoming White House chief of staff Reince Priebus also appeared to support border adjustability in a radio interview last month.<\/span><\/p>\n

Analysts have found that the border-adjustment proposal is one of the biggest revenue raisers in the House GOP plan and could be used to pay for other tax cuts. Some analysts have also suggested that retailers would not be hurt by border adjustments because the U.S. dollar would strengthen.<\/span><\/p>\n

Source:-\u00a0http:\/\/thehill.com\/policy\/finance\/314502-trump-criticizes-controversial-piece-of-house-gop-tax-plan<\/span><\/div>\n

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