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Grover Norquist Backs GOP Plan for Border Adjustment Tax

Image: Grover Norquist Backs GOP Plan for Border Adjustment Tax

Grover Norquist (AP)

By    |   Tuesday, 24 Jan 2017 05:59 PM

Anti-tax crusader Grover Norquist said Tuesday that he supported a plan for a so-called border adjustment tax being proposed by House Republicans to help U.S. exports.

"If it was stand-alone, it would be no," Norquist told CNBC, adding that the plan would need to be part of a "several trillion-dollar tax-reduction package.

"The whole package is pro-growth."

Norquist is president of Americans for Tax Reform and the creator of the Taxpayer Protection Pledge.

Earlier Tuesday, Texas Rep. Kevin Brady, chairman of the House Ways and Means Committee, backed the idea of a border adjustment tax in a plan that is endorsed by House Speaker Paul Ryan.

A border adjustment tax helps American products exported abroad by not levying fees on them while discouraging imports by imposing a tax at a fixed rate.

It differs from a punitive import tariff that President Donald Trump has called for during the campaign and since his election. His objective is to punish specific companies and specific countries through what he calls a "border tax."

"For the first time in our nation's history, we will finally end the 'Made in America' tax on U.S. exports — a completely backwards feature of our current tax code that makes it harder for U.S. businesses to compete globally and create jobs here at home," Brady told the U.S. Chamber of Commerce on Tuesday in Washington, CNBC reports.

"This policy — sometimes referred to as 'border adjustability ' — is very simple, but it's also very powerful," Brady said. "It will be a game-changer for our businesses and our economy as a whole."

Norquist told CNBC he believed — like some critics — that a border adjustment tax would lead to "winners and losers," but overall, "the whole package is great.

"Very simple," he added, "but ... also very powerful.

"Could it be improved? Absolutely," Norquist said. "There are lots of areas that you could actually make this tax cut even better.

"But right now, as a package, it will either pass or be improved on — and it should be done in the next six months."

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Anti-tax crusader Grover Norquist said Tuesday that he supported a plan for a so-called border adjustment tax being proposed by House Republicans to help U.S. exports.
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Tuesday, 24 Jan 2017 05:59 PM
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