U.S. President-elect Donald Trump says the border adjustment provision, a feature of House Republicans’ corporate-tax plan, is “too complicated”, the Wall Street Journal reported on Monday.
“Anytime I hear border adjustment, I don’t love it”, Trump told the newspaper in an interview conducted on Friday. on.wsj.com/2jiAaqj
The border adjustment measure is part of U.S. House of Representatives Speaker Paul Ryan’s “Better Way” tax reform blueprint, which was discussed with top members of the transition team during a meeting on Capitol Hill on Monday.
The measure intends to boost U.S. manufacturing by taxing imports while exempting U.S. business export revenues from corporate taxation.
Though some tax experts believe Trump has given his support for the border adjustment provision, he termed the measure as getting “adjusted into a bad deal” in the interview.
Last year, Kansas-based multinational Koch Industries Inc[KCHIN.UL] warned that the export-promoting measure could have devastating effects on the economy and consumers.,/p>
(Reporting by Vishal Sridhar in Bengaluru; Editing by Simon Cameron-Moore)
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