Jun 19, 2017
BAT Tax Primary ‘Stumbling Block’ Dividing Lawmakers On Tax Reform
Post by Freedom Partners
Tax reform is “not a fine wine, it doesn’t improve with time,” Freedom Caucus chairman Rep. Mark Meadows (R-NC) told CNBC.
That’s why it’s so important that House leaders drop the proposed 20-percent Border Adjustment Tax (BAT) on imports currently threatening to upend comprehensive tax reform from happening at all – otherwise, taxpayers may end up with sour grapes instead of tax relief.
“There’s really one stumbling block that a lot of us are divided on: the border adjustment tax … So our position has been, let’s go ahead and get to something we can all agree to,” Meadows said.
The trillion-dollar BAT tax has been widely rejected by House and Senate lawmakers, sectors of the business community, consumer advocates, and fiscal conservative organizations.
“The idea has steadily lost support since Mr. Brady first pitched it in June 2016. It now seems nearly impossible for border adjustment to pass the Senate, and there’s even opposition from several Republicans on Mr. Brady’s committee,” the Wall Street Journal reported.
Sen. John Kennedy (R-LA), a member of the Budget Committee, said BAT works “on paper” but that “I’m concerned it won’t work in the real world,” reported Inside U.S. Trade.
Freedom Partners continues to urge Chairman Brady to work with lawmakers and the administration to focus on a unifying plan for compressive reform – one that will grow the economy and improve competitiveness of U.S. businesses in the global marketplace while advancing the principles of efficiency, equitability, and predictability.
Taxpayers don’t deserve new burdens under tax reform.