NY Times: Trump administration drops support for border tax

|By:, SA News Editor

The Trump administration has dropped any support for a border adjustment tax on imports, NY Times reports, citing two officials who have been briefed on the matter.

Dropping the border tax would intensify the political challenges of Pres. Trump's tax plan, according to the report, as it was supposed to offset revenue lost by other tax cuts under the plan by House Republicans; by just lowering corporate taxes, the budget deficit likely would increase, which historically has been a deal killer for most Republicans in Congress.

However, Sen. Hatch, the Republican finance committee chairman, indicated today that he may be able to support Trump’s plan to cut corporate tax rates to 15% even if it added to the budget deficit.

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