Skip to main content
Tags: orrin hatch | border adjustment tax | senate

Sen. Orrin Hatch Not Counting Out Border Adjustment Tax

Sen. Orrin Hatch Not Counting Out Border Adjustment Tax
(AP)

By    |   Wednesday, 07 June 2017 12:12 PM EDT

Senate Finance Committee Chairman Orrin Hatch, R-Utah, is not ruling out a border adjustment tax, despite opposition from many members of the Senate, The Hill reported.

"As far as I'm concerned, virtually any potential (offset) for reduced tax rates should be on the table, and that includes the so-called border adjustment tax," Hatch said.

His comments came at a conference hosted by Bloomberg BNA and Baker McKenzie, according to The Hill.

A border adjustment tax proposal now in the House would subject imports to a 20-percent tax, while exports would be exempt, the website noted.

Proponents of the plan argue it would help American exporters and their workers by imposing a tax on cheap foreign imports, The Washington Post noted.

And some estimate it has the potential to raise roughly $1 trillion in new revenue over the decade, according to the newspaper.

But retailers and some GOP lawmakers fear it could lead to higher prices on consumer goods. And the White House does not back the proposal in its current form, The Hill said.

Hatch said that his goal with tax reform "is to find the proverbial 'sweet spot,' that will maximize the growth potential of the final package without jeopardizing its prospects for passage."

© 2024 Newsmax. All rights reserved.


Politics
Senate Finance Committee Chairman Orrin Hatch, R-Utah, is not ruling out a border adjustment tax, despite opposition from many members of the Senate, The Hill reported.
orrin hatch, border adjustment tax, senate
205
2017-12-07
Wednesday, 07 June 2017 12:12 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the Newsmax App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved