Congressman: Rarely used law could make Trump tax returns public
- Author: Zachary Reyes Feb 16, 2017,
Feb 16, 2017, 7:31
President Trump on Wednesday met with a group of executives from big-name retailers such as Target and Best Buy, a conversation in which the industry planned to make the case that they believe a Republican plan for tax reform would be detrimental to their businesses - and to the wider economy. But the so-called border adjustment tax, a provision that would require USA companies to start paying taxes on what it costs them to import products, is a critical part of any final plan.
Brady, who met with the CEOs of the Gap, Target and several other major retailers, said he welcomed the executives' thoughts as lawmakers contemplate how to reshape taxes on US businesses.
On Saturday, April 15, marchers in Washington, D.C. and several other US cities will demand that President Donald Trump release his tax returns. The tax would be assessed at a 20 percent rate on imported goods sold domestically and would replace the current 35 percent corporate income tax.
But on a different issue, the top Republican and Democrat on a key committee asked a top ethics regulator on Thursday to investigate whether Conway, a senior aide to Trump, violated ethics rules when she said in a television interview that people should buy the president's daughter's clothing line. Basically, the BAT is a new system that allows the costs associated with products exported from the U.S.to be fully deductible in the cash flow model, while costs associated with imports are not deductible.
The discussion on the border tax has just begun.
With the major exception of Speaker Paul Ryan, I am unaware of any expression of support for Australia from 238 House Republicans.
The Tax Foundation argues that under a destination tax system, the USA dollar would inevitably rise against foreign currencies, lowering the cost of imported goods and reducing the cost advantage of domestically made goods.
Wal-Mart (NYSE: WMT ) is secretive about how much of its merchandise is imported but has come under fire for mislabeling products as made in America to counter claims that the company imports most of its products.
Sen. David Perdue (R-Ga.), the former CEO of Reebok and Dollar General, is one of the Republicans leading the effort in the Senate to kill the import tax. It would be a fundamental change to the tax accounting treatment on imports and exports.
A White House official confirmed Trump will meet with retail industry CEOs this morning to discuss economic growth. "We stressed the importance of taking a thoughtful approach to tax reform for both individuals and corporations".