Opposition to Border Adjustment Tax Continues
Critics, including the House Freedom Caucus and the Koch-brothers-backed Freedom Partners, as well as the retail, oil refining, and auto industry sectors, remain resolute in their position that tax reform legislation should not include a border adjustment tax (BAT). House Speaker Paul Ryan and Ways and Means Chairman Kevin Brady remain the BAT’s strongest supporters, but apprehension exists that their continued stance could delay a vote on the House budget resolution containing reconciliation procedures the GOP is relying on to pass tax reform in the Senate with a simple majority. Despite the opposition, alternatives to the BAT, which is projected to raise $1 trillion in revenue and prevent base erosion, remain scant.
Border Adjustment Bashing to Continue for Foreseeable Future