White House and Senate GOP are resisting his border adjustment plan but no Republican senators are behind the border adjustment tax and the deniability of deductibility of interest expense. The Speaker plan falls apart without it.
The Speaker says he’s open to alternatives but hasn’t proposed any.
In late April President Donald Trump proposed a historic tax plan that would offer US businesses and workers major relief from their tax burden. It cuts corporate taxes and middle class taxes. The seven tax brackets reduce to three, business tax goes to 15%, and it repeals the death tax, Bloomberg reported.
The Speaker’s plan is dead on arrival but he also rejected the President’s plan. He likes his plan more, the one no senator likes.
The border-adjustment tax [bat] is needed with Ryan’s plan to pay for the cut in corporate taxes. It would raise the price of imported goods.
Bloomberg says instead of spearheading a tax plan, he’s clinging to his wholly-rejected plan.
That leaves the Senate and the White House to put together a plan or there will be no plan.
Ryan’s not very pragmatic. He thinks that somehow the party will come around to his plan. That has to be the height of arrogance.