US Sen Portman Says Tax Reform Should Not Include Border Adjustment

Republicans should pursue a “more traditional” approach to corporate tax reform that does not include the House’s border adjustment import tax provision, Sen. Rob Portman told CNBC on Wednesday.

Portman, director of the Office of Management and Budget under President George W. Bush, said on “Squawk Box” he understands some of the economic reasons for the border tax. But he advocates “simplifying the darn thing” by building consensus around conventional means of providing relief to businesses such as lowering the rates and broadening the base.

The House GOP plan on corporate tax reforms looks to lower the federal rate from 35 percent to 20 percent, with the border tax provision helping pay for the entire package.

President Donald Trump has expressed a desire to lower the corporate tax rate, but the White House has been vague on whether there’s support for the border tax proposal.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza