Prepare for higher prices and less product.
The BAT is winning.
The White House may be warming to a key provision of the House Republican tax plan, says Larry Kudlow who is close to Administration insiders.
Kudlow said "conservative activists" who met with "White House representatives" were told the White House does "favor the border adjustment" tax.
"The president last night went to the water's edge, didn't quite mention it, but in fact inside the White House, the BAT is winning," Kudlow.
The key House GOP reform provision would tax imports, moving the U.S. closer to taxing consumption, notes CNBC. House Speaker Paul Ryan is pushing the tax aggressively.
He has stated BAT is expected to generate $1 trillion in revenue over 10 years.
But Senate Finance Committee Chairman Orrin Hatch, R-Utah, told CNBC on Tuesday that border adjustment has "a long way to go" and that it will be "a difficult matter to get through both bodies."
This is the best indication yet that Trump planned tax cuts are not really cuts but simply shifts in the point of taxation. A tax shell game.
-RW
David Stockman will be proven right. Every Trumpista was bamboozled by the con artist in chief.
ReplyDeleteThe plan is to do this and abolish corporate income tax.
ReplyDelete