Chair­man says bor­der tax go­ing nowhere

The Washington Times Daily - - POLITICS - — David Sherfinski

Rep. Richard Neal, the rank­ing mem­ber on the House Ways and Means Com­mit­tee, on Wed­nes­day said House Repub­li­cans‘ tril­lion-dol­lar pro­posal to tax im­ports might not even get out of com­mit­tee in the House, let alone through ei­ther cham­ber of Congress.

“I think it would have trou­ble get­ting out of the Ways and Means com­mit­tee,” Mr. Neal, Mas­sachusetts Demo­crat, said at an event at the Na­tional Press Club hosted by Bloomberg BNA. “For the mo­ment, it looks as though it’s not mov­ing any­where.”

He said he does un­der­stand the ar­gu­ment for the “bor­der ad­just­ment” tax. He said it raises about a tril­lion dol­lars over 10 years, which Repub­li­cans want to use to lower other rates, but also pointed out it’s op­posed by re­tail­ers.

Pro­po­nents say the 20 per­cent tax on im­ports would also be a boost for U.S. man­u­fac­tur­ing and that cur­rency ad­just­ments could off­set any as­so­ci­ated jump in prices for goods.

But it’s run into op­po­si­tion from Repub­li­cans in the Se­nate and even in the House, and the White House hasn’t em­braced it.

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