What Trump Tax Plan? Key Senate Panel Has Not Even Seen It
By Tyler Durden
RIP BAT – the Border Adjustment Tax, which was floated in November under a proposal from Paul Ryan and which met with fierce resistance, is effectively dead. According to Bloomberg, Trump’s “tremendous” tax plan to be revealed next week likely won’t include the controversial border-adjusted tax.
To be sure, White House Budget Director Mick Mulvaney said that Trump’s position on the border-adjusted tax is still under discussion, however he added that administration officials are grappling on how well that portion of Ryan’s plan would contribute to economic growth. The border-tax concept is estimated to raise more than $1 trillion in revenue over 10 years; without that the plan would be unable to achieve revenue-neutrality, which in turn makes the entire budget reconciliation process seem untenable absent substantial revenue increases elsewhere.
In any case, absent more deferrals, Trump is expected to release a tax plan for individuals and businesses next week that may not include every component that will go into final legislation, Bloomberg notes. The plan, which Trump said will be released Wednesday, will contain the administration’s priorities, although it was not clear what those are since every day the Trump administration appears to be flipflopping on every major issue depending on