It’s mid-June and there is no tax reform bill in Congress yet.
House Ways and Means Chairman Kevin Brady (R-Texas) continues to push for one, though, and started talking last week about a five-year phase-in of the embattled proposal for a border-adjusted tax.
Laura Davison, Colleen Murphy and I chatted with host Matthew Beddingfield for the latest episode of the Talking Tax podcast to discuss developments on Capitol Hill.
The border adjustment provision, which would tax imports at 20 percent and exempt exports, is a cornerstone of the House GOP tax reform blueprint. But it has been relentlessly attacked by some lawmakers and retailers. The phase-in is an attempt to placate critics.
Skeptics remain doubtful. Rep. James B. Renacci (R-Ohio) told Bloomberg BNA that he was not entirely convinced about the phase-in. Senate Finance Committee Chairman Orrin G. Hatch (R-Utah) said: “I have to look at it, but I just don’t think we have that kind of time.”
Other changes to the tax blueprint are coming. The Ways and Means Committee is looking at “common sense” exceptions in its proposal to eliminate net interest expense deductibility, according to Brady.
For more tax reform developments, please tune in next week.
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