Donald Trump keep on about a border tax to hang on American companies that move jobs to Mexico ….
He was gonna whipsaw America companies into bringing jobs back to America with the tax penality ….‘America First’....
Donald Trump himself and even Steve Bannon CANNOT impose a tax….
Congress does that….
And while Speaker of the House Paul Ryan wants the tax money from such an law?
Senate REPUBLICANS (Nor will a good many in the House) will NOT vote for it….
And without the tax revenue?
Ryan is NOT gonna be able change much in the tax system…
And the jobs are STILL going to Mexico and other countries….
Paul Ryan showed up to Senate Republicans’ weekly lunch on Tuesday hoping to salvage a controversial pillar of his tax reform plan that would change how imports and exports are taxed. “Keep your powder dry,” the House speaker pleaded.
The next day, Sen. Tom Cotton took to the Senate floor to slam Ryan’s so-called border adjustment tax, saying “some ideas are so stupid only an intellectual could believe them.”
“Many other senators share these concerns and we most certainly will not ‘keep our powder dry,’” Cotton went on, without naming the speaker in his speech.
The sequence was an ominous sign for a linchpin of Ryan’s tax plan — and perhaps for the prospects of tax reform happening at all. The border adjustment tax would generate more than a trillion dollars over a decade; there’s no obvious way to replace that money, which is needed to help pay for a steep cut in corporate and income taxes.
In meetings with administration officials and Senate leaders, Ryan has framed his proposal as a compromise between a tariff, which the president wants, and conservative orthodoxy against border taxes…
Many Republican senators say privately they detest the concept, fretting that it will hurt their in-state retailers like Walmart, which is headquartered in Cotton’s state of Arkansas. Senate Finance Chairman Orrin Hatch (R-Utah), sources said, has warned Trump and Ryan that border adjustment won’t likely have the support needed to clear the Senate.
Hatch, in an interview after Ryan’s presentation, said the speaker “didn’t cover [the border adjustment proposal] as specifically as I would have liked.” And Sen. Roy Blunt of Missouri, the fifth-ranking GOP senator, said the Finance Committee will likely go a “different way.”
Others were more unequivocal.
“It’s beyond a complication. It’s a bad economic proposition,” said Sen. David Perdue (R-Ga.).
That’s not to mention Ryan’s issue in his own chamber. A handful of Ways and Means Republicans — including some with close ties to Trump — are fretting that retailers slapped with an import tax will ultimately pass the cost onto consumers. One member of the tax-writing Ways and Means Committee, Rep. Jim Renacci (R-Ohio), asked his chairman Wednesday to hold hearings on the proposal….
As pointed out here…
The ‘honeymoon’ that Trump has had for the last few weeks with Congress will evaporate when Congressmen have to get down covering their own rears back home…
It’s coming….Share on Facebook