by Countable | 5.31.17
While scandals and health care reform have dominated the headlines of late, House Republicans say they’re moving ahead on their massive attempt to overhaul the nation’s tax code.
"Our goal, and I feel very confident we can meet this goal, is calendar year 2017 for tax reform, and I think we’re making good progress," House Speaker Paul Ryan (R-WI) told reporters at the Capitol.
But the GOP’s attempt to do tax reform without Democratic support or buy-in could prove difficult. Republicans themselves are internally divided on what tax reform needs to look like. While seemingly everyone – in both parties – agrees that the corporate tax rate needs to come down, there’s disagreement on other key provisions of the GOP plan.
Take the border-adjustment tax. Speaker Ryan is a major proponent of the effort to levy taxes on goods being imported to the U.S. and the Chairman of the House Ways and Means Committee – which handles tax policy – Rep. Kevin Brady (R-TX) announced he’s holding a hearing next week to rally support around the effort.
"One key element of that hearing will be border adjustment and the role that it plays as a crucial element in tax reform to level the playing field for made-in-America products."
But even as Brady championed the effort, Senate Majority Leader Mitch McConnell (R-KY) poured cold water on the idea. He told Bloomberg News the border-adjustment tax "probably wouldn’t pass the Senate."
Other Republicans report the same thing in the House. "I would say the border adjustment tax is on life support," Rep. Mark Meadows (R-NC) tells Countable.
“There’s just way, way too many people who need to be convinced at this point. It doesn’t mean that it can’t happen it just means if it’s going to happen it’s going to be a longer ramp up to make it happen.”
Should imported goods be taxed at a higher rate than American made goods? Hit the Take Action button and tell your Reps!
-- Matt Laslo
(Photo Credit: Mike Mozart / via Flickr)
Written by Countable
Sure raise import tariffs because if that is started every country we import goods from will raise tariffs on goods that we export to them. It's an unending cycle we tax our imports they tax our exports. All we'll do is create a war of tariffs. Check out The Tariff Act of 1930 it was a disaster but let's do a replay maybe it'll turn out differently, not. All this will accomplish is the stagnation of trade. But from Trump's view point that would be a great thing because as trade stops money will get scarce, the US will go recession and he'll be in a position to buy everything no one else will be able to afford cheap.
That only hurts us the American people.. everybody needs to build a bridge and get over your unnecessary hatred for Mexico. We all inhabit the same planet.. team work makes the dream work
No because how many actual product/goods are made in the UNITED STATES? This is just going to make living here more expensive because a lot of the companies that run the country sell products that are not made here. I get they want to accomplish tax reform but until the people making all of the money pay more taxes it will never work out for the working and middle class.
The American people cannot afford anymore taxes! Other countries will reciprocate as well. We live in a time of a global market. What we need to do is work on making a superior product. Innovation is what made us great, made in America used to mean something. We have the technology, now let's train our populace and build it ourselves.
WTF??? Why? What will this accomplish? Dumb Dumb Dumb.
Roses are red, violets are blue, taxation is theft, and tariffs are, too.
This can't be real. Americans paying more for imported products. How is that going to help ?????
Trade protectionism is like shooting yourself in the foot because it only hurts yourself(aka the American People). For those of you saying "oh well other countries have tariffs on American made goods, we should do the same to them," that's like seeing someone else shooting them self in the foot and then feeling compelled to do the same.
Imposing tariffs on imports sounds like a good idea at first, but if we do it other countries will do it back to us. It will kill our export market. If the object is to keep manufacturing jobs here, use a carrot-and-stick approach: tax credits to companies for spending money on salary/benefits for domestic employees and tax penalties for offshoring their manufacturing.
Countries already have tariffs on US products, only fair we do the same to them.
When you consider that many of the products made in Mexico are from US Companies with plants based in Mexico you are in fact taxing the US consumer of these products, including the US Government that consumes them under "Trade Agreement Act." It would seem that every bad idea is a recycled idea tried and failed in the past, yet for some reason this Congress and Administration seem to suffer from the same myopic view of the world and this country. It's time this Congress looked in the mirror and recognized the enemy is not from without, but from within our own delusional approach to these topics. The US deserves better than a series of politically stunted ideas to improve our economy, there are no shortcuts to long term economic stability or security.
It's a double-edged sword. If we tax heavier, so will other Countries. Maybe we should consider making a higher quality product in America to encourage Americans to buy American again. Just saying it's a good idea doesn't help those who are actually buying automobiles, computers, appliances, etc. If Ford, GM or Chrysler were more interested in quality instead of who has a bigger engine or better payload, it might help. What doesn't help is when your bigger engine car/truck is broken down a year after you purchase it. Build quality, buy quality.
We absolutely should NOT adopt the border adjustment tax.
That's called a tariff and it violates free trade??? So no????
Anything that Paul Ryan and Mitch McConnell think is a good idea? Probably isn't! These two men have demonstrated their political agenda is more important than WE THE PEOPLE! I don't like or trust them, they could care less about us, they just want to change anything Obama.
I think a very small tax would do the job nicely . Not the twenty percent we keep hearing about, but maybe something like 5 percent. A reciprocal tax to those that tax our goods in the same percentage might be another idea
The "Border Adjustment Tax" is a euphemism for tariffs imposed on foreign goods coming into this country. I remember the trade wars of the sixties and seventies: nothing good ever came of them. Do you believe tariffs will improve our image in the world or our domestic economy? Let's talk about our trade deficit. This tax can only hurt us. Yet another reason for the 1% to start paying their fair share to the nation that has made them wealthy, don't you think? Those who still believe in the Reagan era Trickle Down theory of economics are living in the past and it still doesn't improve the circumstances of the majority of Americans.
Please don't do this!!
Please do not support this bill in any form. This will do more damage than good for America
Absolutely not! Period!