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US Tax Overhaul in Trouble
US Tax Overhaul in Trouble

US Tax Overhaul in Trouble

US Tax Overhaul in Trouble

A key part of House Republicans’ plan to overhaul the way corporations pay taxes is on life support, leaving lawmakers scrambling to save one of President Donald Trump’s biggest priorities and increasing the chances the GOP will simply pass a tax cut instead of overhauling the tax code. A proposed tax on imports is central to the GOP plan to lower the overall corporate tax rate. It would generate about $1 trillion over the next decade to finance the lower rates without adding to the deficit. It would also provide strong incentives for US-based companies to keep their operations in the United States and perhaps persuade companies to move overseas operations to the US, AP reported. But the tax faces strong opposition from retailers, automakers and the oil industry, and a growing number of congressional Republicans have come out against it. They worry that it will increase the cost of imports, raising consumer prices. Majority Leader Mitch McConnell, R-Ky., says there probably aren’t enough votes to pass the import tax in the Senate—not a single Republican senator has publicly endorsed it. And a powerful group of House conservatives says it’s time to dump the idea. “The sooner we acknowledge that and get on with a plan that actually works and actually can build consensus, the better off we will be,” said Rep. Mark Meadows, R-N.C., chairman of the conservative Freedom Caucus. Even one of the biggest backers of the new tax says he is open to other ideas.

 

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