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Koch Industries takes aim at U.S. House Republican tax reform plan
Source: Reuters
POLITICS | Wed Dec 7, 2016 | 5:09pm EST
Koch Industries takes aim at U.S. House Republican tax reform plan
By David Morgan | WASHINGTON
Koch Industries, the private conglomerate owned by billionaire conservatives Charles and David Koch, warned on Wednesday that a Republican tax reform proposal meant to encourage U.S. exports could have devastating effects on the economy and consumers.
The proposal, known as border adjustability, is part of a larger tax reform plan backed by Republicans in the House of Representatives, including Speaker Paul Ryan. It has attracted the attention of advisers to President-elect Donald Trump as a potential tool for creating manufacturing jobs for blue-collar Americans.
But the provision, which would tax imports while exempting U.S. exports from corporate income tax, has raised concerns in the retailing and energy sectors about its potential effects on prices for imported consumer items and foreign goods used in domestic production.
Corporate lobbyists say that Trump's threatened 35 percent import tax against U.S. companies that move jobs overseas could reflect an interest by the president-elect in a border-adjusted approach to tax reform.
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Koch Industries takes aim at U.S. House Republican tax reform plan
By David Morgan | WASHINGTON
Koch Industries, the private conglomerate owned by billionaire conservatives Charles and David Koch, warned on Wednesday that a Republican tax reform proposal meant to encourage U.S. exports could have devastating effects on the economy and consumers.
The proposal, known as border adjustability, is part of a larger tax reform plan backed by Republicans in the House of Representatives, including Speaker Paul Ryan. It has attracted the attention of advisers to President-elect Donald Trump as a potential tool for creating manufacturing jobs for blue-collar Americans.
But the provision, which would tax imports while exempting U.S. exports from corporate income tax, has raised concerns in the retailing and energy sectors about its potential effects on prices for imported consumer items and foreign goods used in domestic production.
Corporate lobbyists say that Trump's threatened 35 percent import tax against U.S. companies that move jobs overseas could reflect an interest by the president-elect in a border-adjusted approach to tax reform.
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Read more: http://www.reuters.com/article/us-usa-congress-taxes-koch-idUSKBN13W2V2
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