Last week, the White House and congressional leadership announced they would remove the border adjustment tax (BAT) from consideration as part of a comprehensive tax reform package. When President Trump announced his tax reform plan in April, it did not include the BAT.
House Speaker Paul Ryan’s website notes that the overarching goal of tax reform is more important than any single policy, such as the BAT. Therefore, congressional leaders agreed to move forward without the BAT once they determined “there is viable alternative that still creates a level playing field for American businesses.”
Following the collapse of the Senate health-care reform vote on Thursday, July 27, Ryan stated, “We have so much work still to do, and the House will continue to focus on issues that are important to the American people. At the top of that list is cutting taxes for middle class families and fixing our broken tax code. I’m glad that members will now take time to hear directly from those they represent and make the case for historic tax reform that we intend to pursue in the fall.”
Source: NACS Online